Deutsche ReGas is a privately owned company that develops and operates energy infrastructure, such as floating storage and regasification units, as well as hydrogen electrolysers. ReGas on Wednesday declared that it will receive EUR 112 million euros from the European Union's Hydrogen Bank for a renewable hydrogen project at Lubmin on Germany's Baltic Sea coast.

The grant will be distributed over a 10-year period and is part of EU funding initiatives aimed at using carbon-free electricity to produce hydrogen as a substitute for fossil fuels. 

According to ReGas, the Lubmin hydrogen project will be able to decrease around 1.6 million metric tons of carbon dioxide.