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Wednesday
29 May 2024

EU Okays $1.5 Bln State Funded Joint Hydrogen Project, $1.1 Bln Joint Healthcare Project

29 May 2024  by reuters   

European Union flags fly outside the European Commission headquarters in Brussels, Belgium, March 1, 2023.REUTERS/Johanna Geron/File Photo Purchase Licensing Rights
EU competition regulators on Tuesday approved a 1.4-billion-euro ($1.52 billion) joint hydrogen project funded by seven EU countries and a separate 1-billion-euro ($1.1 billion) joint healthcare project funded by a group of six EU countries.

Estonia, France, Germany, Italy, Netherlands, Slovakia and Spain will provide up to 1.4 billion euros in public funding, for the hydrogen project which is expected to unlock an additional 3.3 billion euros in private investments, the European Commission said in a statement.

It said 11 companies, including Airbus (AIR.PA), opens new tab, BMW (BMWG.DE), opens new tab and Michelin (MICP.PA), opens new tab, will take part in 13 projects.

The healthcare project will be funded by Belgium, France, Hungary, Italy, Slovakia and Spain to support research and innovation and is expected to unlock an additional 5.9 billion euros in private investments, the Commission said.

Sanofi (SASY.PA), opens new tab, Euroapi (EAPI.PA), opens new tab and 11 other companies will participate in 14 healthcare schemes.

Both schemes are so-called Important Project of Common European Interest (IPCEI) which allows EU governments to fund them under looser EU state aid rules.

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