A Total Capacity of 381.25 MW Across Three Countries
The six selected installations are located in Spain, Finland and Norway. They represent a combined capacity of 381.25 megawatts electric (MWe), with individual projects ranging from 5 to 200 MWe. The winning bids show prices ranging from €0.33 to €1.88 per kilogram of certified RFNBO (Renewable Fuel of Non-Biological Origin) hydrogen.
The Finnish project Kristinestad PtX, led by Koppö Energia Oy, is the largest with 200 MWe capacity and a price of €0.33/kg. In Spain, three projects were selected: NOON (Iberdrola Clientes, 120 MWe), H2CRI (Green Devco Energy 6, 30 MWe) and GH2Move-VLC (Diverxia Infraestructuras, 5 MWe). Norway has two winners: RjukanH2 (Norwegian Hydrogen AS, 18.75 MWe) and HammerfestH2 (Green H AS, 7.5 MWe).
Production Targets and Emissions Reduction
According to the data provided, these projects are expected to produce approximately 500 kilotonnes of renewable hydrogen over a ten-year operational period. This production would avoid nearly 3.4 million tonnes of CO₂ emissions over the same period, based on estimates using the 2021-2025 ETS benchmark of 6.84 tonnes of CO₂ equivalent per tonne of hydrogen.
The hydrogen produced will be destined for hard-to-decarbonise sectors, notably the chemical industry and mobility, with particular emphasis on maritime transport and heavy-duty road transport. The auction mechanism aims to bridge the gap between production costs and the price industrial users are willing to pay.
€836 Million in National Funding via “Auctions-as-a-Service”
Alongside this European allocation, Spain, Lithuania and Austria have mobilized €836 million in national funds through the Innovation Fund’s “Auctions-as-a-Service” feature. This mechanism allows Member States to fund eligible projects in their territory that meet qualification criteria but could not be selected due to insufficient European budget.
Winning projects have two and a half years to reach financial close and five years to start production. They will then receive a fixed premium per kilogram of certified RFNBO hydrogen for up to ten years. The European Climate, Infrastructure and Environment Executive Agency (CINEA) will support project developers through to the construction phase.
A Third Auction With €1.3 Billion Budget
The European Hydrogen Bank is already preparing the next cycle. The third Innovation Fund auction was launched on 4 December 2025 with a budget of up to €1.3 billion. The deadline for proposal submission is 19 February. The Innovation Fund has an estimated budget of €40 billion from EU ETS allowance auction revenues between 2020 and 2030.
In the first auction (IF23), six projects signed their agreements in 2024. Five of them have now entered the implementation phase, producing renewable hydrogen for the steel, chemicals, maritime transport and fertilizer sectors.
