French startup GravitHy has successfully raised €60 million to accelerate the decarbonisation of the steel industry, a sector notorious for its high carbon footprint. This funding comes as part of a broader effort aligned with the European Commission’s strategy to enhance metal and steel industrial capacity while significantly reducing CO2 emissions.
The investment will enable GravitHy, a producer of low-carbon iron aimed at clean steel production, to advance its plans and propel its growth. New backers include notable players such as the Japan Hydrogen Fund, Rio Tinto, Siemens, and Ecolab, alongside reinvestments from existing partners like Engie New Ventures and InnoEnergy. This diverse range of investors highlights the global commitment to decarbonising steel and fosters collaboration between Europe and Japan.
GravitHy intends to utilise renewable hydrogen for the production of Direct Reduced Iron (DRI) and Hot-Briquetted Iron (HBI), aiming to reduce emissions by an astonishing 90% compared to traditional coking processes. The project’s scale is significant, with a planned facility set to create up to 500 jobs and produce 2 million tons of DRI/HBI annually by late 2028, equivalent to about one Eiffel Tower’s weight each day.
As a contender in the emerging low-carbon iron market, GravitHy differentiates itself from competitors such as H2 Green Steel by focusing on providing versatile low-carbon DRI/HBI rather than integrated steelmaking processes. This approach allows steelmakers to transition toward sustainability without major capital investments in new technologies.
GravitHy’s strategic vision aligns with the European Clean Industrial Deal and the Steel & Metals Transition Plan, providing a robust framework for future decarbonisation efforts. With this capital injection, GravitHy is poised to revolutionise steel production, ensuring a resilient and sustainable future for the industry.