GravitHy, a low-carbon iron producer, has successfully secured EUR60 million in investment, supported by public funding from France's Premiere Usine program, to establish a green steel plant in Fos-sur-Mer, France. The funding round attracted global investors like Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto, and Siemens Financial Services, alongside existing shareholders. The capital injection will aid GravitHy's project development until 2026, leading to a final investment decision. The forthcoming plant is expected to create 500 jobs and involve a total investment of EUR2.2 billion, with commercial production set to begin in 2029. The facility aims to produce 2 million tons of direct reduced iron and hot briquetted iron annually, with a focus on decarbonization. GravitHy plans to deploy a 750 MW electrolyzer for green hydrogen production, aiming to reduce CO2 emissions significantly. Key investors have highlighted the project's importance in Europe's steel industry development. GravitHy aims to lead the European green steel market, contributing to industrial decarbonization and meeting the rising demand for DRI in Europe. Projects like H2 Green Steel, GravitHy, and BlastrGreenSteel are expected to establish an internal market for hot briquetted iron within the EU, with potential raw material supply from Ukraine's 5 billion tons of magnetite ore.