Out-Law News 1 min. read
11 Mar 2022, 7:36 am
The Australian Renewable Energy Agency (ARENA) has opened applications to award funding to projects through the German-Australian Hydrogen Innovation and Technology Incubator (HyGATE).
This funding stream was initially announced by Australia and Germany in November 2021 and aims to support real-world pilot, trial, and research projects in the hydrogen supply chain.
This type of investment by both countries is very much welcomed by the industry and will no doubt help expedite the growth of a buoyant hydrogen trading market.
According to a statement by ARENA, Australia and Germany have respectively committed funding up to AU$50 million (US$36m) and €50 million to the initiative. The two countries want to work together to reduce the cost of producing hydrogen from renewable power and to speed up the innovation process in both countries.
The funding in this round will be used to support projects that deliver on one or more specified outcomes. These include demonstrating innovative technologies in the entire renewable hydrogen value chain; reducing the cost of hydrogen production, transportation, storage and use, and supporting renewable hydrogen’s commercial feasibility; developing a renewable hydrogen supply chain between the two countries; encouraging cross-country cooperation and knowledge sharing between institutions in both countries; and providing price discovery and transparency related to the current and projected economics of renewable hydrogen technologies.
Hydrogen expert George Varma at Pinsent Masons said: “With investment in hydrogen projects on the rise in Australia, this funding being made available by HyGATE will greatly assist the collaboration between Australian and German companies, as well as fortifing the partnership between Australia and Germany as trade ties develop.”
“Funding is proving to be a substantial stumbling block to get a number of hydrogen projects out of the ground, so this type of investment by both countries is very much welcomed by the industry and will no doubt help expedite the growth of a buoyant hydrogen trading market,” he said.
Eligible Australian organisations can apply for funding via ARENA. Applications opened on 8 March and will close on 3 May.
29 Nov 2021