19 companies are involved, including SAP and Orange in the Cloud-Edge Capabilities workstream and Deutsche Telecom in the Cloud-Edge Continuum Infrastructure workstream.
Yeah those names really don't inspire confidence. On the other hand, SAP and Telekom did successfully and quickly implement the corona warn app in Germany back in 2020 as FOSS - so this might result in something eventually.
I'd recommend to just throw the €1.2B at Hetzner with Nextcloud and be done with the European solution.