Airbus, BMW to Grab Share of €1.4 Billion Hydrogen Aid in Europe
- EU approves ‘Important Project of Common European Interest’
- Expected to create 3,600 jobs and be completed by 2031
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Firms including Airbus SE, BMW AG and Michelin are set to get a share of €1.4 billion ($1.5 billion) in state aid for a slate of hydrogen power initiatives rubber stamped by the European Union as part of its drive to tackle climate change.
The European Commission, the EU’s executive arm, said Tuesday it expects the overall plan — dubbed an “Important Project of Common European Interest” — will unlock additional €3.3 billion in private investments. The funds will go to 11 companies in seven participating member states: Estonia, France, Germany, Italy, Netherlands, Slovakia and Spain.