GravitHy secures €60 million to drive steel industry decarbonisation

GravitHy has announced a €60 million funding round, including public funds from the French "Première Usine" programme. This latest investment brings new global investors on board, including Ecolab, Japan Hydrogen Fund (serviced by Advantage Partners), Marcegaglia, Rio Tinto, and Siemens Financial Services. Existing shareholders Engie New Ventures and InnoEnergy have also contributed additional funding.

The investment will support GravitHy in reaching a final investment decision after completing project development in 2026. The funding will enable the company to accelerate growth by securing key contracts, finalising engineering work, obtaining permits, and attracting skilled professionals. GravitHy is also engaging with potential new investors to strengthen its capital structure as it moves towards the construction and commercial phases.

A step towards green steel production

GravitHy's future plant, set to begin commercial production in 2029, will be located on a 75-hectare site in Fos-sur-Mer, France. The facility will produce 2 million tonnes of Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) annually—equivalent to the weight of an Eiffel Tower every day. The site will house a 750 MW electrolyser, the largest in France and among the biggest globally, to produce the low-carbon hydrogen required for iron ore reduction.

The project represents a total investment of €2.2 billion and is expected to create up to 500 direct jobs.

To secure the necessary energy supply, GravitHy has made significant progress, signing a letter of intent (LOI) with EDF for a Nuclear Production Allocation Contract (CAPN) in 2024. The company has also confirmed access to the planned extension of France’s electricity transmission infrastructure via RTE’s decennial network development plan.

"We are thrilled by the confidence our investors have shown in GravitHy," said José Noldin, Chief Executive Officer at GravitHy. "Collaboration is key to transforming the steel value chain, and we are proud to welcome partners who share our vision. Their support accelerates our flagship project in Fos-sur-Mer, creating jobs, advancing technology, and setting the foundation for a resilient, low-carbon European steel industry."