H2EU+Store hydrogen consortium targets EUR 500 mln Phase 1 approval by 2028 – RAG Austria CEO
The consortium behind the H2EU+Store RAG project to produce "green" hydrogen in western Ukraine using solar and wind power for subsequent delivery to Europe, initiated by RAG Austria AG and Eco-Optima LLC, is expected to be ready in 2028, RAG Austria CEO Markus Mitteregger said.
The H2EU+Store consortium, led by RAG Austria AG and Eco-Optima LLC, aims to produce green hydrogen in western Ukraine using solar and wind power, with the first phase of the project targeting a EUR 500 million approval by 2028. RAG Austria CEO Markus Mitteregger announced that the project is on track, with detailed engineering already underway following the completion of feasibility and basic engineering stages.
The consortium has established business relations with various stakeholders, including Ukrainian gas storage and transmission operators, as well as Austrian and Bavarian counterparts. Mitteregger highlighted the project's support from Ukraine and the potential for additional market operators to join. Raiffeisen Bank, a major foreign bank in Ukraine, expressed readiness to take significant steps in the consortium.
The project requires risk-coverage instruments, mutual certification, and guarantees for the blending of green hydrogen into natural gas. Negotiations with the German government and discussions on hydrogen blending in Brussels are ongoing, as they are crucial for securing financing for the project. The consortium also aims to attract funding from the European Union's new investment fund.
Written by urgent.news from Interfax-Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
