ESG Today writes that shipments should begin sometime in 2026 and the agreement is said to cover a large amount of Porsche's steel requirements for production, which are evaluated at 200.000 tons per year.

H2 Green Steel recently announced that it raised 1.5 billion euros in equity financing, which the company will use in order to build the world's first large-scale green hydrogen steelmaking plant. This makes it one of the planet's most important sustainable steel makers.

Porsche officials stated back in 2021 that the company aims to become carbon neutral by 2030 and it tried reducing the use of steel in favor of aluminum for lighter materials. Still, engineers concluded that steel is crucial for the overall structure of the vehicles and can't be completely replaced.

Barbara Frenkel, Executive Board Member for Procurement at Porsche AG, said that "Porsche is working towards a carbon-neutral balance sheet across the value chain for its cars by 2030. CO2-reduced steel plays a key role in our sustainability strategy. With the steel from H2 Green Steel, we aim to further reduce the CO2 emissions caused by this important material."

2020-founded H2 Green Steel will build its upcoming sustainable steel facility in Boden, Sweden, with the project also including a giga-scale green hydrogen production unit, which will supply the required energy. Green hydrogen will be generated with the help of 100% renewable power and the factory could begin production sometime in 2025.

Some of H2 Green Steel's most notable customers in the automotive industry include BMW, Volvo and Scania.