« H2 Green Steel » raises $260 Million to Build Low Emissions Steel Plant

  I- “H2 green steel” plans to build a $1 billion low emissions steel plant In 2020, the world's first large-scale fossil-free steel p...


I- “H2 green steel” plans to build a $1 billion low emissions steel plant

In 2020, the world's first large-scale fossil-free steel plant is being built by the foundation of “H2 Green Steel.”

In addition to the steel plant, a giga-scale green hydrogen plant is an integral part of the facility.

The company reduces the iron oxides' oxygen content by using green energy to create hydrogen from iron. This mitigates the typical carbon dioxide emissions by 95%.

By 2030, a steel mill needs to produce 5 million tons of fossil-free steel using electricity generated by 100% renewable sources.

This is the goal of “H2GS”, which uses electricity from sources like wind and water.

Lulea's port provides easy access to high-quality iron ore. The Norrbotten region is ideal for fossil-free steel production thanks to the favorable location.

In addition, Lulea is close to renewable energy sources at low cost.

Many companies have an expertise in metallurgy and steel production. Kobe Steel Co Ltd, a Japanese steelmaker, announced on Wednesday that Midrex Technologies Inc.

Which is a subsidiary in the United States has signed an agreement with the Swedish steelmaker "H2 Green Steel" to supply a direct reduced iron plant (DRI), 100% hydrogen.

II- “H2 green steel” plans to use green steel technology

Proposing energy transition necessitates going green with steel in the industry. People buying more steel is predicted to increase by 6% worldwide by 2030.

This study details how replacing carbon with green hydrogen in the steel making process can decarbonize the entire steel industry.

Producing steel without using fossil fuels is possible with the help of Green Steel.

Steel can now be made using electricity, coal gasification or hydrogen production— instead of carbon-intensive methods used in traditional coal-fired power plants.

The state and local governments are excited to help “H2 Green Steel” achieve their ambitious decarbonization goals. This global net-zero emissions company plans to remove carbon from the steel industry.

III- “H2 green steel” plans to create 1,000 jobs

With help from the state and local governments, these micro-factories recycle materials that would otherwise end up in landfills.

Rural areas benefit from these tiny manufacturing plants that create jobs and employ many Australians.

Sending waste to larger cities for recycling doesn’t make sense. It causes unnecessary CO2 emissions and leads to high waste transportation costs.

Africa has a lot of potential for renewable energy; it can be used to meet the growing demands of maritime trade.

The annual maritime trade volume for Africa as a whole is estimated to be 762 million tons; this is about 7% of the overall global trade declared by UNCTAD (United Nations Conference on Trade and Development).

Nigeria shares a third of maritime transport with Morocco and South Africa.

Increased population, economic growth and higher incomes could lead to 11 times the current amount of seaborne traffic by 2050 according to a study by Khalili et al. (2019).

IRENA says demand for electricity from synthetic fuels has used up 500 TWh through 2021.

This amount is equal to 45% less energy efficiency and higher fuel consumption.

In 2019, Africa's annual electricity consumption reached 700 terawatt hours, according to the International Energy Agency.

Investing up to $400 billion in the process could lead to higher electricity consumption.

This would necessitate using between 100 and 350 GW of electrolysis depending on the kind of renewable energy being used.

In 2019, a state-run agency headed by “Sahajwalla” was established to promote circular economy practices in New South Wales.

The agency is the NSW Circular Economy Innovation Network, and its primary objective is reducing carbon emissions.

Additionally, she manages the environmental work the organization undertakes.



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Sustainable Investing: « H2 Green Steel » raises $260 Million to Build Low Emissions Steel Plant
« H2 Green Steel » raises $260 Million to Build Low Emissions Steel Plant
Sustainable Investing
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