GravitHy, a sustainable iron startup based in Marseille, announced the successful completion of a €60 million funding round aimed at advancing its plans to produce low-carbon iron and contribute to the decarbonization of the steel industry. Steel production is a significant contributor to global CO2 emissions, with the sector responsible for 7% - 9% of direct emissions from fossil fuels. GravitHy, established in 2022 through the InnoEnergy initiative, focuses on eliminating CO2 emissions in iron production by leveraging green and low-carbon hydrogen to create Direct Reduced Iron (DRI) and Hot-Briquetted Iron (HBI) for steelmakers. The newly secured capital will support the construction of a new plant in southern France, projected to commence commercial operations in 2029. This plant aims to produce 2 million tons of DRI and HBI annually, with emissions reductions of up to 90% compared to current methods. The plant will feature a 750 MW capacity electrolyzer for green hydrogen production, making it one of the largest globally. GravitHy has also secured a partnership with EDF for electricity supply through a Nuclear Production Allocation Contract (CAPN). The company's CEO highlighted the importance of collaboration in disrupting the steel value chain and expressed gratitude for the support of diverse investors. Notable investors in the funding round include Rio Tinto, Ecolab, Japan Hydrogen Fund, Marcegaglia, and Siemens Financial Services, alongside existing shareholders like Engie New Ventures and InnoEnergy. The positive sentiment towards GravitHy's innovative approach to low-carbon iron production was echoed by industry leaders like Rio Tinto, who emphasized the importance of supporting low-carbon steelmaking initiatives.