{"id":48452,"date":"2024-06-12T09:16:12","date_gmt":"2024-06-12T08:16:12","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=48452"},"modified":"2024-06-12T09:16:12","modified_gmt":"2024-06-12T08:16:12","slug":"demeter-invests-in-hydrogen-powered-h2-green-steel-plant","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/demeter-invests-in-hydrogen-powered-h2-green-steel-plant\/48452\/","title":{"rendered":"Demeter invests in hydrogen-powered H2 Green Steel plant"},"content":{"rendered":"

Demeter has announced it has invested in H2 Green Steel’s hydrogen-powered green steel plant in Sweden.<\/h2>\n

The investment will enable the Swedish company to ramp up the development of the green steel plant alongside constructing Europe’s largest hydrogen plant.<\/p>\n

The funding will be supported via the Climate Infrastructure Fund (art 9 SFDR), with Demeter joining multiple industrial investors from the automotive and steel processing industries, as well as financial investor Hy24.<\/p>\n

Philippe Detours, Managing Partner at Demeter, commented: “Demeter is thrilled to support H2 Green Steel in the financing of this first green steel production unit as well as the partnership formed with Hy24 for this end.<\/p>\n

“This investment allows us to reaffirm Demeter’s commitment to the decarbonisation of the industry and the ambition to strengthen our footprint in Europe.”<\/p>\n

Over \u20ac6bn in investments<\/h3>\n

Founded in 2020, H2 Green Steel aims to decarbonise the steel industry<\/a> through leveraging green hydrogen.<\/p>\n

In January, the company announced a major fundraising operation of \u20ac1.8bn in equity and \u20ac4bn in debt.<\/p>\n

Overall, H2 Green Steel has generated around \u20ac6.5bn in investments.<\/p>\n

Decarbonising steel production<\/h3>\n

Located in Boden, Sweden, the green steel plant began construction in 2022, and operations are scheduled to start in 2026.<\/p>\n

The plant will reduce CO2 emissions by up to 95%<\/a> compared to traditional blast furnace steel production.<\/p>\n

This is achieved by using green hydrogen, produced on-site with one of the world’s largest electrolysers powered by renewable energy instead of coal.<\/p>\n

Otto Gernandt, CFO of H2 Green Steel, added: “Demeter shares our sense of urgency and commitment to accelerate climate action.<\/p>\n

“Their investment is an integral part of what has allowed us to go from vision to full execution of the world’s first large-scale green steel plant. We look forward to a long partnership ahead.”<\/p>\n

Advanced technology and digitalisation, combined with a unique approach to circularity and recycling, will make this steel plant the first of its kind in Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"

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