On 12 February, H2Global made a public announcement revealing that Germany's Federal Ministry for Economic Affairs and Climate Action, known as BMWK, had officially granted €3.53 billion to its subsidiary, HINT.CO.

HINT.CO, operating as an intermediary within the H2Global funding structure, assumes a crucial role in the acquisition and sale of green power-to-X (PtX) products. The primary objective of HINT.CO revolves around conducting competitive bidding processes to procure and distribute products derived from clean hydrogen and other low-carbon commodities.

Providing additional insights, the Hamburg-based foundation clarified that this grant is intricately linked to the imminent round of double-sided tenders, following the established model set by the H2Global mechanism. When combined with the initial €900 million from the first funding window and the financial commitments associated with the collaborative Germany-Netherlands window, the overall public capital dedicated to advancing the H2Global approach has now surged to €4.73 billion.

H2Global expressed their satisfaction, stating, "As the first round of tenders is nearing completion, we are pleased to observe the ongoing trust in the effectiveness and efficiency of the H2Global mechanism. They expressed anticipation for delivering the initial results and scaling up their efforts towards establishing a global market for hydrogen."

Founded in 2021, H2Global has been actively pursuing its mission to implement a funding concept centered on procuring green hydrogen or its derivatives from international sources. These acquisitions are facilitated through long-term contracts, with the ultimate goal of resale in Germany via annual auctions.

In a pivotal development during 2023, H2Global forged an association with the European Hydrogen Bank, an initiative led by the European Commission. This collaborative effort aimed to streamline renewable hydrogen production within the European Union and facilitate global expansion endeavors in the hydrogen sector. The integration of H2Global with the European Hydrogen Bank strategically opened avenues for all Member States interested in conducting their hydrogen tenders. Additionally, the initiative laid the foundation for a joint European auction targeting international hydrogen imports.

The substantial grant notification from BMWK not only highlights ongoing support for H2Global's innovative approach in nurturing the hydrogen market but also underscores the significance of public capital backing the foundation's initiatives. Positioned with robust financial support, H2Global is well-positioned to play a pivotal role in influencing the trajectory of hydrogen adoption, not only within Germany but on a global scale. The forthcoming double-sided tenders, fuelled by the recent grant, are eagerly anticipated to contribute significantly to the realization of H2Global's vision of establishing a resilient and sustainable hydrogen market.