Investment Firm Plans Hydrogen Powered Steel Plant In Sweden

Newly formed company H2 Green Steel (H2GS) on Tuesday announced plans to build a hydrogen powered steel plant in the north of Sweden, already a pioneer in the field

Stockholm, (APP - UrduPoint / Pakistan Point News - 24th Feb, 2021 ) :Newly formed company H2 Green Steel (H2GS) on Tuesday announced plans to build a hydrogen powered steel plant in the north of Sweden, already a pioneer in the field.

The new fossil fuel free steel plant will include "a giga-scale green hydrogen plant as an integrated part of the steel production facility," employ some 1,500 people and aims to start production in 2024, the company said in a statement.

Behind the project is investment firm Vargas Holding, co-founder of battery maker Northvolt which is also building a massive battery factory in the north of Sweden.

"We want to accelerate the transformation of the European steel industry. Electrification was the first step in reducing carbon dioxide emissions from the transportation industry. The next step is to build vehicles from high-quality fossil-freesteel," Carl-Erik Lagercrantz, chair of the boards of H2GS and Northvolt, said in a statement.

H2GS also announced that Henrik Henriksson, currently the chief executive of truckmaker Scania, had been recruited to lead the project.