Spain-based Hydnum Steel has announced that it has secured funding of €60 million from the Strategic Project for Economic Recovery and Transformation (PERTE), a program approved by the Spanish government to accelerate the green transition of the industrial sector. The funding will boost the construction of the first green steel plant on the Iberian Peninsula.
The plant currently under construction will have a 2.7 million mt annual flat steel capacity and will produce carbon-free steel by utilizing renewable energy and green hydrogen. The plant is at an advanced stage of administrative processing and engineering validation and is scheduled to start production by the end of 2025.
“This aid represents recognition of the project's transformative value and a firm commitment to a cleaner, more innovative and competitive national industry,” stated Eva Maneiro, CEO of Hydnum Steel.