· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:
🗞️ Driving the news: A €6.5bn project by H2 Green Steel in Sweden aims to cut traditional steelmaking carbon emissions by 95% using green hydrogen produced from hydroelectric power
• Production is expected to begin by mid-2026, initially targeting 2.5 million tonnes annually and scaling up to 5 million tonnes by 2030
🔭 The context: The steel industry, responsible for 7-9% of global CO₂ emissions, relies heavily on polluting coking coal
• H2 Green Steel’s project will use hydrogen to reduce iron ore, producing "green" iron, which is then processed in electric arc furnaces
🌍 Why it matters for the planet: This initiative could serve as a model for decarbonizing steelmaking, a critical step toward reducing global greenhouse gas emissions and achieving climate goals
⏭️ What's next: Success hinges on securing customers willing to pay a premium for green steel, with contracts already in place with BMW, Porsche, and others
• Expansion plans include potential projects in Canada, Brazil, the US, and Portugal
💬 One quote: "This is our first project, not our last," says Henrik Henriksson, CEO of H2GS, highlighting the company’s global ambitions
📈 One stat: Electrolysers at the integrated plant will produce 100,000 tonnes of hydrogen per year, marking it as one of Europe’s largest green hydrogen facilities
Click for more news covering the latest on energy sources
