Fifteen renewable hydrogen production projects across five countries in Europe have secured a total of EUR 992 million ($1.12 billion) in grants after the second round of the European Hydrogen Bank. Despite the substantial grant amount, it is a fraction of the EUR 4.8 billion requested by project proposals in the bidding round, indicating high competition. The selected projects are expected to collectively produce nearly 2.2 million tonnes of renewable hydrogen over 10 years, contributing to a reduction of over 15 million tonnes of CO2 emissions. The projects span various sectors including transportation, the chemical industry, and the production of methanol and ammonia. Winners of the grants will receive a fixed premium per kilogram of renewable hydrogen produced over a 10-year period, helping to bridge the price difference between production costs and market prices. The auction allocated a dedicated budget for hydrogen producers with off-takers in the maritime sector, emphasizing the importance of hydrogen in maritime activities like bunkering. Notably, projects in Spain, Norway, Germany, Finland, and the Netherlands were selected, with each country contributing to the advancement of renewable hydrogen technologies. The European Commission expressed its commitment to developing a strong renewable hydrogen market in Europe to achieve climate neutrality in a cost-effective manner, highlighting the positive impacts on energy independence, security, and job creation. The selected projects are now required to sign a grant agreement with the European Climate, Infrastructure, and Environment Executive Agency, aiming to achieve financial closure within 2.5 years and start production within five years of signing. This initiative builds on the success of the first Hydrogen Bank auction and sets the stage for a third auction with an offer of up to EUR 1 billion, reinforcing the growing confidence in Europe's renewable hydrogen industry. Additionally, the upcoming launch of the Hydrogen Mechanism under the European Hydrogen Bank will further facilitate market interactions between buyers and sellers, promoting collaboration and information sharing within the industry.