The German Ministry for Economic Affairs and Energy is allocating nearly a billion euros to the H2 Global Foundation, a body set up by sixteen major players in German industry including Siemens Energy, Linde, Nordex and ThyssenKrupp.
The EUR 900 million will be used to make up the difference between the purchase and domestic sales price of hydrogen derivatives.
“Our goal is to encourage a quick market ramp-up for green hydrogen and its derivatives and to secure the long-term ability to keep Germany supplied with green energy carriers,” said Economy Minister Peter Altmaier. “The H2 Global instrument, which is driven by free-market principles, enables us to do this. It’s an outstanding example of the coupling of an innovative industry with sustainable energy policies.”
The tendering process for the green hydrogen derivatives will start this year, and deliveries of the hydrogen products are expected from 2024, writes the online platform Clean Energy Wire.