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EU awards Italian energy groups $402 mln for green hydrogen

The European Commission has granted funding of up to 370 million euros ($ 402 million) to set up a 'Green Hydrogen Valley' in Italy's Puglia area, the energy groups included stated.

Edison, Saipem and financial group Generali's green transition financial investment supervisor Sosteneo SGR said that the Commission had included the green hydrogen initiative amongst its important tasks of typical European interest (IPCEI), unlocking European Union funds.

Green hydrogen, which is produced utilizing sustainable types of energy, is due to replace fossil fuels in some energy-intensive industries in the EU as the bloc relocates to cut carbon emissions.

The strategy will offer 260 megawatts (MW) of solar photovoltaic (PV) generation capacity and 160 MW of electrolysis capability to produce green hydrogen around the cities of Brindisi and Taranto, the groups stated in a declaration on Monday.

The fuel will be utilized in a production process known as direct lowered iron (DRI) to decarbonise the steel-making process in Italy's biggest steel plant in Taranto, and a. consortium of other Italian steel mills.

Italy's grid operator Snam said in a different. statement that Brussels had actually likewise consisted of in its IPCEI list the. group's project to renovate existing pipelines and set up brand-new. ones for the hydrogen job in the southern Italian region.

Snam's job, whose operational phase is expected in 2028,. includes overall investments of around 100 million euros.

(source: Reuters)