BRUSSELS -- The European Commission has approved a 5.4-billion-euro ($5.4 billion) hydrogen project jointly funded by 15 EU countries and 35 companies including Alstom and Daimler, to boost the bloc's competitiveness and economy.
Called IPCEI Hy2Tech, the project hopes to attract another 8.8 billion euros in private investments.
The 27-country bloc has in recent years given the green light to jointly funded projects in batteries, microelectronics and infrastructure, labelling such schemes as Important Projects of Common European Interest (IPCEI) subject to looser state aid rules.