France-based sustainable iron company GravitHy has announced that it has received €60 million in funding from several large-scale investors to finance its decarbonization project.
Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto and Siemens Financial Services as well as existing shareholders Engie New Ventures and InnoEnergy have joined this round of funding. In addition, the French government’s “Première Usine” program has also supported the funding round.
With the help of the funding, the company will be able to complete the project development in 2026 and to make a final investment decision. GravitHy is also in talks with new potential investors to reinforce its capital structure and to support the construction and commercial phases of the project.
GravitHy’s low-carbon DRI and HBI production plant to be built in Fos-sur-Mer in southern France will have a production capacity of two million mt per year and is scheduled to be commissioned in 2029. The electrolyzer for the production of green hydrogen that will be used to reduce the iron ore will have a capacity of about 750 MW, which is one of the largest in the world.