Cobra, a subsidiary of French company Vinci, has secured a €150 million ($165 million) subsidy. The Spanish government granted this funding to support one of Cobra’s green hydrogen projects. Spanish Industry Minister Jordi Hereu announced the subsidy, highlighting the country’s commitment to advancing renewable energy initiatives.
Cobra’s Green Hydrogen Initiatives
Cobra will use the funding to boost one of its green hydrogen projects. However, the company has not disclosed the specific project details. In July 2024, Cobra won an $80 million contract from SMS Group. The contract requires Cobra to carry out piping and mechanical works on a green steel production plant in Duisburg, Germany. The plant will have an annual production capacity of 2.5 million tonnes of direct reduced iron (DRI).
European Commission Approval
In 2022, the European Commission approved a €220 million ($243 million) grant. This grant aimed to support Cobra’s renewable hydrogen production ambitions under EU State aid rules. Spain initially selected the firm’s project to become an Important Project of Common European Interest (IPCEI). The IPCEI focused on hydrogen technologies and systems. However, the EU determined that the project objectives better suited evaluation. The evaluation followed the Guidelines on State aid for climate, environmental protection and energy 2022.
Spain’s Commitment to Green Hydrogen
The substantial subsidy granted to Cobra demonstrates Spain’s dedication to promoting green hydrogen. Spain sees green hydrogen as a key component of the country’s renewable energy strategy. The country aims to reduce its carbon footprint by investing in projects like Cobra’s. Spain also seeks to contribute to the global transition towards sustainable energy sources.
As the world prioritizes the development of clean energy solutions, initiatives play a crucial role. Projects like Cobra’s green hydrogen project in Spain will shape the future of renewable energy production and consumption.
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