Marseille-based GravitHy, a low-carbon iron producer for the clear metal sector, introduced this morning the closing of a €60 million funding spherical to finance its motion plan, concentrating on a last funding determination in 2026, and speed up development by securing key contracts, finishing engineering, acquiring permits, and attracting high expertise.
The spherical introduced in new buyers: Japan Hydrogen Fund (a fund having Benefit Companions as funding advisor), Marcegaglia, Ecolab (through Nalco Dutch Holding) (an Ecolab firm), Rio Tinto, Siemens and secured reinvestment from present shareholders Engie New Ventures and InnoEnergy.
GravitHy Chief Government Officer José Noldin stated: “We’re thrilled by the arrogance our numerous buyers have proven in GravitHy. Collaboration is vital to disrupting the metal worth chain, and we’re proud to welcome these unimaginable companions who share our imaginative and prescient, values, and improvement objectives. Their assist accelerates our flagship undertaking in Fos-sur-Mer, creating jobs, driving technological progress, and setting a blueprint for a resilient, decarbonised, and sovereign European metal trade.”
GravitHy was based in 2022 as an innovator within the rising low-carbon iron market. The corporate plans to play a vital function in accelerating the decarbonisation of the metal, trade with Direct Decreased Iron (DRI)/Sizzling Briquetted Iron (HBI) changing into an important commodity sooner or later and traded on a world foundation whereas creating new commerce flows.
With this new funding, GravitHy is well-positioned to suggest a quick resolution to steelmakers which are keen to supply inexperienced metal focusing of their core-business with out having to take a position closely within the full H2-DRI worth chain.
This announcement comes on the heels of the European Fee’s plan to advertise Europe’s metal and metallic industrial capability, with a robust concentrate on decarbonising the carbon-heavy metal sector.
GravitHy’s market entry is supported by Europe’s push for industrial sovereignty and decarbonisation, sturdy legislative framework to be additional strengthened by Clear Industrial Deal and Metal & Metals Transition Plan in addition to the growing scarcity of low-carbon metallics.
Diego Pavia, CEO of InnoEnergy, stated: “We’re delighted that GravitHy has reached this necessary milestone of their development plan. Bringing in strategic buyers from throughout the inexperienced metal worth chain will assist guarantee demand for GravitHy’s low-carbon iron is secured from the get-go. This profitable funding spherical is additional proof that there’s momentum for inexperienced industrial tasks set to be a key driver of each financial development and industrial decarbonisation in Europe.”
This portfolio funding comes at a pivotal second for InnoEnergy that simply launched a brand new model – aiming to triple on mobilising as much as €160 billion in Europe’s CleanTech funding by 2030.
A future plant is scheduled to be commissioned on the finish of 2028, creating as much as 500 direct jobs with an general funding of €2.2 billion. Will probably be situated on a 75-hectare website within the industrial zone of Fos-sur-Mer (France) and can produce 2 million tons of DRI/HBI yearly – the equal of 1 Eiffel Tower a day. Utilizing the inexperienced and low-carbon hydrogen produced on-site, it is going to have an electrolyser capability of roughly 750 MW – the most important in France, and one of many largest on the planet – as per figures supplied by GravitHy.
The traditional coke-based ironmaking, the step immediately upstream of steelmaking, is reportedly accountable for greater than 80% of the CO2 emissions all through the complete course of. Due to this fact, metal produced with low-carbon emissions is a vital part of the net-zero vitality transition. The manufacturing of iron and metal contributes round 8%* of world carbon emissions and requires new applied sciences, redesigned processes, and new infrastructure to decarbonise.
Japan Hydrogen Fund, Accomplice and Head of Renewables & Sustainability Keiichi Suzuki stated: “We’re very happy with being part of GravitHy’s buyers, to assist one of the necessary European ‘Inexperienced metal tasks’. The metal trade is the most important emitter in trade, and AP is dedicated to decreasing emissions within the ‘onerous to abate’ sectors. Additionally AP is absolutely dedicated to bringing ‘Japan’s worth’ to the massive European tasks although Japan Hydrogen Fund’s community in Japan. I hope Euro-Japan collaboration will likely be strongly enhanced via this funding.”
For this funding spherical, GravitHy was accompanied by the advisement of Rothschild & Co, Société Générale and Herbert Smith Freehills.
