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The funding was awarded in an almost one billion euro auction, the second for the European Hydrogen Bank.
Deutsche ReGas said in a statement that 15 projects were awarded the funding.
The LNG terminal operator said it is the first German company to succeed in the European Hydrogen Bank auction.
Last year, Deutsche ReGas completed the front-end engineering and design phase for its planned hydrogen hub in Lubmin.
The large-scale electrolysis plant will separate water into hydrogen and oxygen with the help of renewable electricity.
Under the first phase of the H2-Hub Lubmin, Deutsche ReGas plans to build a 200 MW electrolyzer plant until the end of 2026 and phase II up to 500 MW by 2028.
The first phase aims to produce up to 30,000 tons of green hydrogen per year, while the second phase aims to produce up to 80,000 tons.
Deutsche ReGas claims that around 1.6 million tons of CO₂ can be avoided over ten years through production in Lubmin, where it previously operated a FSRU-based facility.
Last year, the 2009-built 145,000-cbm, FSRU Neptune, left Germany’s industrial port of Lubmin to serve the new Mukran LNG terminal.
The unit, which is 50 percent owned by Hoegh LNG and sub-chartered by Deutsche ReGas from TotalEnergies, is currently the only FSRU in Mukran as Deutsche ReGas terminated the charter contract for the 174,000-cbm FSRU Energos Power with the German government.
However, Deutsche Regas plans to reinstall a second FSRU at its Mukran LNG terminal.