GravitHy, a low-carbon iron producer, has successfully raised €60 million in funding to accelerate the decarbonization of the steel industry. The round included investments from notable entities like Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto, Siemens Financial Services, and others. This financial boost will support GravitHy in executing its action plan, leading to a final investment decision by 2026 and commencing commercial production in 2029 at a plant in Fos-sur-Mer, France. The plant aims to produce 2 million tons of Direct Reduced Iron (DRI)/Hot Briquetted Iron (HBI) annually, significantly reducing CO2 emissions. GravitHy's innovative approach involves utilizing green and low-carbon hydrogen to reduce iron ore, with a large electrolyzer capacity of approximately 750 MW. The company has secured part of its electricity supply through a partnership with EDF and RTE, ensuring a reliable energy source for its operations. The project is expected to create 500 direct jobs and require an investment of €2.2 billion. With a focus on decoupling iron and steelmaking processes, GravitHy's business model offers a more efficient and environmentally friendly solution for steelmakers looking to produce green steel. The company's strategic investor base, including industry giants like Rio Tinto and Ecolab, underscores confidence in GravitHy's vision and the future of green steel production in Europe. By leveraging new technologies and strong partnerships, GravitHy aims to play a critical role in advancing the decarbonization of the steel industry and supporting Europe's transition to a more sustainable industrial sector.