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Blastr Green Steel completes financing round to develop steel production using hydrogen

Blastr Green Steel (Blastr) has successfully completed a second strategic partner financing round, advancing the development of a European integrated ultra-low CO2 steel value chain with its flagship steel plant in Finland.

The partner financing round included three of Blastr’s founding investors and three new investors based in Finland, all with a common emphasis on sustainable growth. The new investors are: 

•    Aurora Infrastructure, a company providing industry-leading solutions for asset financing, transfer and development of existing or new electricity networks in the Nordics, 

•    Onvest Oy, a family-owned company and partner, and enabler of sustainable growth, and 

•    Security Trading Oy, a family investment company focused on creating a more sustainable, resilient future. 

The original investors providing additional capital and increasing their ownership in Blastr are the global steel industry leader Cargill, Finland’s state-owned venture capital and private equity investment company Tesi, and Blastr’s founder Vanir Green Industries.   

The proceeds of the closing will be used to progress Blastr’s value chain with the steel plant in Inkoo, Finland, and further development of Blastr’s pellet plant that will produce 6 million metric tonnes (Mt) of DR pellet feedstock annually. 

Blastr is creating a low-carbon mine-to-gate steel value chain with 90% lower C0₂ emissions than conventional steelmaking by using hydrogen instead of coal in the iron production process and feedstock made with carbon-free energy.

Photo of Blastr

Press release https://tinyurl.com/4keff8aw

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