Jeff St John of Canary Media reports that H2 Green Steel will soon complete its low-carbon steel plant.
- H2 Green Steel has raised a $1.6 billion equity round which will allow the company to finish building its novel low-carbon steel plant.
- The facility will combine more than 700 megawatts of hydrogen electrolyzers with a set of electric arc furnaces capable of producing 5 million metric tons of steel by 2030.
- While this is only a splash in the bucket (2 billion tons of steel are made each year) it does mark a significant breakthrough that could inspire future innovation for an emissions-heavy industry.
“H2 Green Steel last year announced pre-orders of 1.5 million metric tons of steel from customers including automakers BMW, Mercedes-Benz and Scania, appliance maker Electrolux, and primary steel suppliers such as Bilstein Group and Klöckner & Co., and said it secured price premiums of 20 to 30 percent for those purchases.”
Read the full article here.