InvestEU backs €100 million European Investment Bank loan for renewable hydrogen in Germany

Daily News 05 / 03 / 2024

News Europa - pubblicata il 06 Marzo 2024

Source: European Commission Spokesperson's Service  

The European Investment Bank (EIB) has signed a loan agreement worth up to €100 million with Germany-based Sunfire, to advance its development of solid oxide electrolysers for renewable hydrogen production in industrial settings. This agreement is backed by the InvestEU programme. The agreement will support Sunfire to develop electrolysers to produce renewable hydrogen more energy- and cost-effectively for industrial processes. This will support Europe’s decarbonisation, especially in high energy-consuming sectors like chemicals and steel.

Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education and Youth said: “This investment embodies our commitment to fostering groundbreaking technologies that are pivotal for the green and digital transition. By leveraging both public and private funding, we are reinforcing the EU’s position as a global leader in sustainable innovation, ensuring that our industries remain competitive while moving towards a carbon-neutral economy. Together, we are turning ambitious visions for a greener, more resilient Europe into tangible realities.”

The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment.

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