SCARLET RESATO H2 (IEU GT2)

The project will enhance the company's hydrogen refuelling technology and refuelling stations production capacity in the Netherlands over 4-year investment period (2024-2027).

The aim is to contribute to speed up the deployment of Hydrogen Refuelling Stations (HRS) in Europe by providing equipment across various countries. The project also supports a wide range of EU policies contributing to achieve European decarbonisation objectives. Specifically, it contributes to the European Green Deal (2019) objective to reach one million public recharging and refuelling stations in the EU by 2025, the Sustainable and Smart Mobility Strategy (2020) target of 500 HRS in the EU by 2025 and 1,000 by 2030 as well as the Alternative Fuel Infrastructure Regulation (AFIR) requirements of one gaseous HRS every 200 km on the trans-European transport (TEN-T) core network and one in every urban node by the end of 2030.

The Project is in line with the InvestEU objective of Mobility: Alternative fuels infrastructure for all modes of transport, including electric charging infrastructure as per the Annex II of InvestEU Regulation and aligns with specific eligibilities under Thematic - Green Transition Future Mobility.

The Project concerns enhancing hydrogen refuelling technology and refuelling stations production capacity. The Project is eligible under Article 309 point (a) projects for developing less-developed regions and (c) common interest (Transport; Research, Innovation and Digital). The Project contributes to the Bank's Climate Action and Environmental Sustainability policy objectives.

The Project addresses the market failures associated with (i) positive externalities of hydrogen use in road transport by reducing emissions, (ii) network effects due to the interdependency between the market for FCEVs and investment in refuelling infrastructure, and (iii) knowledge externalities by developing hydrogen refuelling technology.

The Project financing provided by the EIB in the form of venture debt is crucial and innovative for the Company. This will ultimately lead to crowding in of third party debt.

The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

The project includes project components of technology development as well as production scale-up costs including industrialisation, equipment and materials. Project components do not fall under Annex II of the environmental impact assessment (EIA) Directive 2014/52/EU (amending the Directive 2011/92/EU) on the effects of certain public and private projects on the environment.

The borrower has been assessed by the EIB as being a private company and hence not being subject to EU rules on public procurement or concessions.