Brazilian steelmaker Companhia Siderurgica Nacional (CSN) has joined an investment round led by Temasek in an Israeli startup that aims to produce hydrogen in large scale. Hydrogen can be used in a wide range of products, from fuels to even steel products.
CSN said the investment was made through its investment arm, CSN Ventures. CSN didn’t disclose how much it invested in H2Pro, the Israeli company. However, a media report by Brazil Journal said CSN was part of a pool of investors, including Breakthrough Ventures, to invest $75 million in the Series A investment.
The media report noted the hydrogen could replace the coal CSN uses to produce steel. It would also help it reduce its CO2 emissions. CSN Ventures has invested in five companies since its creation last year.