Demand for low carbon footprint steel is growing among car and other vehicle and household appliance manufacturers. The founders of H2 Green Steel decided to look for investors among them. They are looking for 2.5 billion euros for the first phase of the project, which aims to reach a production capacity of 5 million tons of steel by 2030.
- H2 Green Steel consists of the founders of Northvolt, Europe’s largest battery manufacturer.
- Investors include manufacturers of automobiles and their parts, as well as technologies for metallurgy.
- Construction of the plant is scheduled to begin in the middle of next year, and in 2024 it should reach a production capacity of 2.5 million tonnes of sheet.
H2GS is backed by the Swedish holding Vargas, which in 2016 created Northvolt, Europe’s largest battery company. At that time, they were looking for investors among buyers, and among others there were Northvolt partners. companies that use batteries in their products are BMW, Volkswagen, Scania, ABB and Siemens.