GravitHy, a Marseille-based sustainable iron company, has successfully secured a €60M funding round. The investment attracted new backers, including the Japan Hydrogen Fund, Marcegaglia, Ecolab, Rio Tinto, and Siemens, alongside existing investors Engie New Ventures and InnoEnergy. The focus of the funding is on decarbonizing the steel industry, particularly addressing the high CO2 emissions associated with iron making. GravitHy aims to provide solutions for steelmakers to transition to lower emissions by establishing direct reduced iron (DRI) and hot briquette iron (HBI) as globally traded commodities. The company plans to leverage European policies supporting carbon reduction to achieve this goal. With the funds raised, GravitHy intends to progress its action plan, targeting a final investment decision in 2026. The company also plans to commission a plant in Fos-sur-Mer, France, by 2028, creating up to 500 direct jobs. The plant will be a significant contributor to green steel production, utilizing on-site green and low-carbon hydrogen, supported by a substantial electrolyser capacity.