Faurecia gets 213 mln euros from the EU to develop hydrogen project in France

Mcphy Energy SA

03/10/2022 07:00

Oct 3 (Reuters) - France's Faurecia  EPED.PA  said its
hydrogen technology project was granted 213 million euros
($208.72 million) of public support from the European Commission
as part of the Hydrogen IPCEI programme.
    The company aims to create affordable clean mobility
solutions by developing and industrialising a new generation of
hydrogen tanks, both gaseous and liquid, by the end of 2027, it
said in a statement.
    Faurecia - whose takeover of German car parts company Hella
 HLE.DE  has led to the creation of the new company Forvia -
added that production will start in 2024 in its Allenjoie plant
in France's Bourgogne-Franche-Comté region, with a goal of over
100,000 units produced per year.
    On July 15, the European Commission authorised 15 member
states to provide public funding of up to 5.4 billion euros
($5.48 billion) under the Important Project of Common European
Interest (IPCEI) programme to support research, innovation and
first industrial deployment of hydrogen technologies in the
region.  urn:newsml:reuters.com:*:nL8N2YW361
    Gaztransport & Technigaz  GTT.PA  and McPhy Energy
 MCPHY.PA  also received funds as part of the IPCEI scheme to
develop their respective gigafactory hydrogen projects.
 urn:newsml:reuters.com:*:nL8N2YZ1FG urn:newsml:reuters.com:*:nFWN2YX017
    The European Commission had pledged to increase funding to
support hydrogen, a fuel that can be produced using renewable
power and which can replace fossil fuels in polluting industrial
processes.
    ($1 = 1.0205 euros)
 (Reporting by Dina Kartit; 
Editing by Juliette Jabkiro and Sudip Kar-Gupta)
 ((Dina.Kartit@thomsonreuters.com;))