GravitHy, a company established in 2022 with a focus on low-emission iron production, has successfully secured €60mn in funding to bolster its industrial site located in Fos-sur-Mer, southern France. This funding round includes support from the French 'Première Usine' program and contributions from prominent international investors like Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto, and Siemens Financial Services, alongside existing shareholders Engie New Ventures and InnoEnergy increasing their investments. The goal of GravitHy is to reach a final investment decision by 2026 and commence construction thereafter, with commercial production slated for 2029 following a phased ramp-up. The industrial site, spanning 75 hectares, is expected to create job opportunities for up to 500 individuals, with a total investment of €2.2bn. The plant's operations will involve the annual production of 2 million tonnes of Direct Reduced Iron and Hot Briquetted Iron, facilitated by low-carbon hydrogen from a 750 MW electrolyser, notably the largest in France. To secure its energy supply, GravitHy has signed agreements with Électricité de France (EDF) and Réseau de Transport d’Électricité (RTE). Notable players like Rio Tinto and Siemens Financial Services play crucial roles, with Rio Tinto managing high-grade iron ore supply and HBI output sales, while Siemens Financial Services provide financial and technical support. The project also enjoys strategic partnerships with Marcegaglia, Advantage Partners, and others, emphasizing the importance of sustainable and low-carbon iron supply chains in the steel industry's future. Advisory support for the transaction came from Rothschild & Co, Société Générale, and Herbert Smith Freehills, with historical shareholders like FORVIA, GROUPE IDEC, Plug Power, and Primetals Technologies contributing to the project's success. The initiative aligns with the European Clean Industrial Deal and sector-specific transition plans, highlighting a positive step towards environmental sustainability and industrial innovation.