I was trying to ask about this at kubecon. As far as I know, Neonephos is more about making software for public cloud services with EU and German funding, and tied to SAP. Public code for public money.

I’m not entirely sure what EuroStack is, but there was an open letter from 100+ companies supporting it and a general idea of investing in European IT and open standards, and divesting from American IT. SAP and LF were not on that letter.
https://berthub.eu/articles/EuroStack_Initiative_Letter_14_March.pdf