Swedish steel venture H2 Green Steel is planning to build a fossil fuel-free steel plant in the north of Sweden, including a sustainable hydrogen facility, with production starting in 2024, it said on Tuesday.
The Lulea-based venture, which is in the process of closing 50 million euros ($60.7 million) in series A equity financing, said in a statement that by 2030 it plans to have an annual production capacity of 5 million tonnes.
"The project includes a giga-scale green hydrogen plant as an integrated part of the steel production facility," it said.
The European Union has made hydrogen a key part of its plan to eliminate its greenhouse gas emissions by 2050, and is betting on a rapid scale-up to decarbonise steel, heavy transport and chemicals.
Truck maker Scania said earlier on Tuesday its top chief Henrik Henriksson was stepping down to become H2 Green Steel's chief executive.
