GravitHy closes EUR 60 million financing

Steel production with green hydrogen. GravitHy is planning a new plant in France that will produce two million tons of low-carbon iron per year by 2028.

Paris, March 26, 2025 - GravitHy, a producer of low-carbon iron for the green steel industry, has successfully closed a €60 million financing round. New investors such as Japan Hydrogen Fund, Marcegaglia, Ecolab (via Nalco Dutch Holding), Rio Tinto and Siemens participated in the round. Existing shareholders such as Engie New Ventures and InnoEnergy also reinvested in the company.

Financing for sustainable steel production and green hydrogen

GravitHy will use the fresh capital to prepare the Final Investment Decision (FID) for 2026, secure strategic partnerships, obtain approvals and expand its team. The company plans to commission a state-of-the-art production facility in Fos-sur-Mer (France) by the end of 2028, which will produce 2 million tons of direct reduced iron (DRI/HBI) per year - the equivalent of an Eiffel Tower per day.

The support of our investors underlines the enormous potential of GravitHy. Together we are driving the decarbonization of the steel industry and setting a new standard for sustainable production.

José Noldin, CEO of GravitHy

Another key element is the on-site production of green hydrogen with an electrolyzer capacity of 750 MW, making the plant the largest of its kind in France and one of the largest in the world.

Technology reduces CO₂ emissions by up to 90%

Traditional, coal-based iron production is responsible for over 80% of CO₂ emissions in steel production. The global steel industry accounts for around 8% of global CO₂ emissions. GravitHy relies on a hydrogen-based direct reduction technology that drastically reduces carbon emissions and plays a key role in the climate-neutral transformation of the industry.

The involvement of strategic investors ensures that the demand for low-carbon iron is secured from the outset.

Diego Pavia, CEO of InnoEnergy

Independent iron production for a sustainable future

Since its foundation in 2022, GravitHy has been pursuing the goal of decoupling iron production from traditional steel production. With this model, the company enables steel producers to access low-carbon feedstock without having to invest in a full H2-DRI infrastructure themselves. The strong regulatory support in Europe, for example through the Clean Industrial Deal and the Steel & Metals Transition Plan, also creates an ideal environment for the company's growth.

Strong investor base strengthens confidence in green steel

The investor structure gives GravitHy a significant competitive advantage. Industry leaders along the entire value chain underline the confidence in the company's vision:

We are proud to invest in one of Europe's most important green steel projects. This partnership strengthens the cooperation between Japan and Europe and drives the decarbonization of heavy industry.

Keiichi Suzuki, Japan Hydrogen Fund

For this financing round, GravitHy was advised by Rothschild & Co, Société Générale and Herbert Smith Freehills.