The initial auction conducted by the Innovation Fund (IF23 Auction) concluded on February 8, 2024, focusing on promoting hydrogen as a Renewable Fuel of Non-Biological Origin (RFNBO). This significant initiative, with an allocation of €800 million, garnered 132 applications from 17 European countries, reflecting a broad interest across the continent. Results from the IF23 Auction are today announced.
We at Haap Consulting participated in this auction by preparing an application for our client to support the transition towards cleaner energy sources. Although our bid was not selected due its price, the experience has been highly beneficial, serving as excellent preparation for future funding opportunities.
The results of the auction revealed that seven green hydrogen projects received a total of €720 million in funding, with bids ranging from €0.37 to €0.48 per kilogram of renewable hydrogen. These projects, scattered across various European countries, are set to significantly impact the industry by producing hydrogen and ammonia for various uses, including industrial and transport applications. For instance, the Catalina project in Spain and the MP2X in Portugal, both awarded subsidies at €0.48 per kilogram, are notable for their ambitious scales and strategic plans aiming for operational status by 2029.
In light of the initial auction’s success, the Innovation Fund plans to launch a second auction (IF24 Auction) by the end of 2024. They are currently seeking structured feedback from stakeholders on the draft Terms & Conditions for this upcoming auction. This will hopefully ensure that the next auction incorporates lessons learned from the first, enhancing the effectiveness and reach of the funding.
If you are considering participating in the upcoming IF24 Auction and need expert assistance in preparing your application, reach out to us at Haap Consulting. Our experience in the latest auction could enhance your chances of securing funding for your sustainable energy projects, although success greatly depends on how competitive your bid pricing can be.
