According to the EU Commission, the funding will support H2 Green Steel and 12 other projects focused on industry electrification and hydrogen.

The funding is part of a larger EUR3.6 billion funding pool derived from emissions trading system revenues. In addition to electrification projects, the EUR3.6 billion will support general decarbonization efforts, clean tech manufacturing and mid-sized pilot projects.

“With investments in innovative solutions like these, we deliver on Europe’s green transition goals, support our industry, and bring energy security, safety and prosperity to future generations. Because we have put a price on carbon emissions, Europe is getting the additional financial firepower that enables these transformative investments,” said Frans Timmermans, executive vice president for the European Green Deal.