- 25 Ianuarie 2024
H2 Green Steel, €4.75 bn investment to build the company's first facility
As per ESG Today, the facility could make steel with a 95% lower carbon footprint compared to the same metal being developed with traditional blast furnace technologies. EU's Innovation Fund offered 250 million euros for the project, with 300 million being in equity financing and 4.2 billion being project debt.
Steelmaking is one of the most polluting industries in the world, accounting for 7-9% of the world's total carbon footprint.
At the same time, German sports car manufacturer Porsche is one of H2 Green Steel's customers in the automotive industry that announced a deal with Swedish sustainable steel manufacturer back in November for annual deliveries of green steel amounting to 35.000 tons.
The new announcement brings H2 Green Steel's total funding to 6.5 billion euros.