European Commission Invests €265 Million in Green Steel Plant in Sweden
Key Ideas
- The European Commission is investing €265 million in H2 Green Steel's green steel plant in Boden, Sweden, to support the production of 2.4 million tonnes of green steel annually.
- The project aligns with EU policy objectives like the European Green Deal and aims to reduce the climate impact of steelmaking, crucial for achieving climate neutrality by 2050.
- H2 Green Steel is expanding globally with projects in the Americas and Europe, emphasizing the potential of green hydrogen to revolutionize industrial processes and promote sustainability.
The European Commission has allocated €265 million to support H2 Green Steel in developing a groundbreaking large-scale green steel plant in Boden, Sweden. This investment is part of the Recovery and Resilience Facility, totaling over €500 million for the project. Slated to start operations in 2026, the plant will feature advanced facilities powered by renewable hydrogen, aiming to produce 2.4 million tonnes of green steel annually. The Commission's decision reflects its commitment to EU policy goals, including climate neutrality and sustainable industrial practices. H2 Green Steel's global expansion plans, with projects in Quebec, Texas, Brazil, and Portugal, underscore the growing recognition of green hydrogen's potential in transforming the steel industry and promoting a sustainable future.