Germany allocates EUR 4.6 bn for hydrogen projects: Germany is providing EUR 4.6 bn (USD 5 bn) to over 20 hydrogen production, transportation, and storage projects, Bloomberg reported. Among the recipients are RWE, Air Liquide, and EWE who have pledged another EUR 3.3 bn. The initiative — planned to span 2k km — is part of a EUR 6.9 bn EU energy initiative.

ALSO- BP gets funds for Germany hydrogen project: BP also just secured funding from the Lower Saxony regional government and Germany’s Economy Ministry to complete a 100 MW green hydrogen plant in Germany, Bloomberg also said. Germany is heavily reliant on coal and gas and expects to buy up to 70% of its hydrogen abroad to reach its goal of 110 TWh.

REMEMBER- Germany is working hard to ramp up hydrogen production: Germany said it was ready to launch the first tender to modernize 12.5 GW of gas power plants to accommodate the switch to hydrogen by late 2024 or early next year. The plan includes two tenders for 5 GW each of new hydrogen-ready plants, 2 GW for retrofitting existing plants, 0.5 GW for long-term storage, and 0.5 GW for fully hydrogen-powered plants.

Spain to support Siemens Gamesa with EUR 1.2 bn guarantee facility: Under a EUR 1.2 bn (USD 1.31 bn) guarantee facility, Spain will provide a 50% backstop of up to EUR 600 mn to support Siemens Gamesa’s wind projects, Reuters reported. The backstop will be deployed by Spanish export credit insurance agency Cesce, with support from six banks.

REMEMBER- Gamesa is trying to bounce back from major losses: The firm struggled with major quality issues with its onshore wind turbine platforms last year, causing EUR 4.6 bn annual net losses, on top of existing hurdles in the sector such as rising costs of wind turbine materials, higher borrowing costs, and a supply chain crisis which severely impacted the bottomline of wind energy giants over the last couple of years.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • US asks Indonesia to join the Mineral Security Partnership: The US has approached Indonesia to join the Mineral Security Partnership, a collaboration of 14 countries and the EU, aimed at enhancing sustainable critical minerals supply chains. The discussions also included the possibility of a critical mineral trade deal. Indonesia, rich in minerals like nickel, copper, and bauxite, is seeking to become a hub for battery and EV production. (Reuters)
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