EU approves $1.5B joint hydrogen project, $1.1B joint health care project
Both European ventures are projected to unlock billions in private investments
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EU competition regulators on Tuesday approved a $1.52 billion joint hydrogen project funded by seven EU countries and a separate $1.1 billion joint health care project funded by a group of six EU countries.
Estonia, France, Germany, Italy, Netherlands, Slovakia and Spain will provide up to $1.52 billion 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, BMW and Michelin, will take part in 13 projects.
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European Union flags fly outside the European Commission headquarters in Brussels, Belgium, on March 1, 2023. EU regulators on May 28, 2024, approved two large joint projects: a $1.52 billion joint hydrogen project funded by seven EU countries, and a (Reuters/Johanna Geron/File Photo / Reuters Photos)
The health care 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.
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Sanofi, Euroapi and 11 other companies will participate in 14 health care 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.