H2 Green Steel (H2GS), a Swedish company, is collaborating with Midrex, a global innovator in direct reduction ironmaking technology for the steel sector. Kobe Steel, the owner of Midrex, is strengthening the alliance by contributing to H2 Green Steel's Series B funding round.
Based on Midrex's technology, H2GS will construct the first direct reduced iron (DRI) plant in the world, using 100% green hydrogen. A total of 2.5 million tons of green steel will initially be produced in Boden, in northern Sweden, using hot DRI and hot briquetted iron (HBI), which will be produced annually at the Midrex H2 Plant. A partnership between Paul Wurth, a firm in the SMS group, and Midrex will supply this unique DRI facility. The goal of H2GS is to decarbonize challenging sectors, beginning with steel. Compared to conventional steelmaking using a blast furnace, this technique will eliminate up to 95% of the carbon emissions.
Kobe Steel owns a 100 percent stake in Midrex, and to further cement their alliance, Kobe Steel has invested in H2GS. Additionally, Kobe Steel and H2GS have started talking about the potential future acquisition of green HBI. In the period leading up to the company's manufacturing reaching its maximum capacity, H2GS could have some HBI overcapacity.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only