Running from December 3, 2024, to February 20, 2025, the auction increases funding by €400 million compared to the first round. Of the total budget, €1 billion targets renewable hydrogen production projects, while €200 million is reserved for maritime sector initiatives, emphasizing decarbonization in long-haul transport.

A standout feature is the "Auctions-as-a-service" mechanism, enabling member states to fund promising hydrogen projects not covered by Innovation Fund grants due to budget constraints. Spain, Lithuania, and Austria are leveraging this system, collectively committing €836 million to national hydrogen projects, which is expected to attract significant private investment.

The IF24 auction is a critical part of the EU's strategy to scale renewable hydrogen, aligning with the REPowerEU Plan, Green Deal Industrial Plan, and Renewable Energy Directive. This joint effort aims to strengthen EU industries' competitiveness while advancing clean energy solutions.

With the European Hydrogen Bank's funding and national contributions, the initiative is set to mobilize €2 billion, providing a strong push for renewable hydrogen adoption and decarbonizing the EU economy.