The H2Global Foundation has received €3.53bn from the German Federal Ministry for Economic Affairs and Climate Action to fund future auctions for renewable hydrogen and its derivatives under through its implementing entity HINT.CO. The grant is tied to the next iteration of double-sided tenders modeled after the H2Global mechanism, with HINT.CO working as an intermediary to purchase and sell green power-to-X (PtX) products.
The H2Global mechanism aims to support investments in the production of renewable hydrogen in non-EU countries, which will be then imported and sold in the EU. The scheme, which was approved by the European Commission in 2021, is managed and implemented by a special-purpose entity named HINT.CO. This intermediary will conclude long-term purchase contracts on the supply side (green hydrogen production) and short-term resale contracts on the demand side (green hydrogen usage). Thanks to an initial funding window from Germany (€900m), and further funding and investments made by a Germany-Netherlands initiative, the total public capital committed to the H2Global mechanism now stands at €4.73bn.
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