The European Commission approved a €5.4 billion hydrogen project jointly funded by France, Germany and 13 other EU countries (announced on July 15). 

The project hopes to attract another €8.8 billion in private investments.

The Commission has in recent years approved jointly funded projects in batteries, microelectronics and infrastructure, labelling such schemes as Important Projects of Common European Interest (IPCEI).

Thirty-five companies, including Alstom, Ansaldo, Bosch, Daimler, Enel, Fincantieri Orsted and Plastic Omnium will take part in 41 projects in the hydrogen project.

The scheme will cover the production of hydrogen, fuel cells, storage, transportation and distribution of hydrogen and end-user applications and in the mobility sector in particular.