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| GravitHy |
French Startup to Invest in Low-Carbon Iron and Create 500 Jobs
GravitHy, an emerging low-carbon iron producer, has secured €60 million in funding, including public investment from France’s Première Usine program. New investors joining this round include Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto, and Siemens Financial Services, alongside existing shareholders Engie New Ventures and InnoEnergy, as stated in the company’s press release. The funding will enable GravitHy to finalize project development by 2026 and reach a final investment decision. The company is also seeking additional investors to support construction and commercial operations.
Green Steel Production and Job Creation
GravitHy’s plant, set to be built in the Fos-sur-Mer industrial zone in France, is scheduled to commence commercial production in 2029. The project is expected to generate up to 500 jobs, with a total investment of €2.2 billion. The facility will have an annual production capacity of 2 million tons of direct reduced iron (DRI) and hot briquetted iron (HBI). “We are pleased with the trust of our investors. Cooperation is a key factor in the transformation of the steel industry, and we are proud to have the support of such powerful partners,” said GravitHy CEO Jose Noldin.
A critical component of the project is the use of a 750 MW electrolyzer to produce green hydrogen, which will help reduce CO2 emissions by up to 90%. To ensure a stable energy supply, GravitHy has signed a nuclear power agreement with EDF and secured grid connection approval.
Strategic Partnerships and Industry Impact
“GravitHy is a critical player in the decarbonization of industry. Already today, we see significant interest from European steel producers looking for fast and efficient ways to transition to green steel,” said Diego Pavia, CEO of InnoEnergy. Key partners include Rio Tinto, which will supply raw materials to GravitHy and market low-carbon iron. Siemens Financial Services and Marcegaglia have also highlighted the strategic importance of the project for Europe’s steel industry.
Founded in 2022, GravitHy is focused on accelerating the steel industry’s transition to low-carbon production. The latest investment round strengthens its position as a leader in the European green steel market. As GMK Center previously reported, Ukraine holds 5 billion tons of magnetite ore, the primary raw material for DRI production, which is seeing strong demand in Europe. This positions Ukraine as a key potential supplier of raw materials for DRI production in the EU. Projects like H2 Green Steel (Stegra), GravitHy, and BlastrGreenSteel are driving the development of an internal EU market for hot briquetted iron.
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