European Commission approves financing for H2 Green Steel new plant
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Update time : 2024-07-03 13:26:05
According to European Commission announcement, they will support H2 Green Steel to build a large-scale green steel plant in Boden, Sweden, and approved €265 million in state aid, to achieve carbon reduction goals.
The new plant is expected to begin operations in 2026, It includes an electrolysers with a capacity of 690 MW, a direct reduction plant using renewable hydrogen, two electric arc furnaces and cold rolling and finishing facilities, with an annual output of 2.4 million tons of green steel.
And according to the research, using renewable energy throughout the entire manufacturing process will reduce greenhouse gas emissions by up to 87% compared to traditional steel manufacturing processes.
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