GravitHy, a low-carbon iron producer, has secured EUR 60 mln (USD 65 mln) in funding, including public support from France’s Premiere Usine program. The round attracted new investors such as Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto, and Siemens Financial Services, alongside additional backing from existing shareholders InnoEnergy and Engie New Ventures.
The fresh capital will support GravitHy’s development, with a final investment decision expected in 2026. It will accelerate progress by securing key contracts, completing engineering and permitting, and attracting top talent. The company is also engaging potential investors to strengthen its capital structure ahead of construction and commercial operations.
GravitHy’s Fos-sur-Mer plant is set to begin commercial production in 2029, following a phased commissioning process. With a EUR 2.2 bln (USD 2.37 bln) investment, the facility will create up to 500 direct jobs and produce 2 mln tons of Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) annually, equivalent to one Eiffel Tower per day. The site will house a 750 MW electrolyzer, the largest in France, to produce green and low-carbon hydrogen for iron ore reduction.
To secure power supply, GravitHy has signed a letter of intent with EDF for a Nuclear Production Allocation Contract (CAPN) in 2024. The company has also confirmed access to an extended electricity transmission infrastructure by RTE, ensuring reliable execution.
Founded in 2022, GravitHy aims to drive steel industry decarbonization by making DRI/HBI a globally traded commodity. With strong policy support from Europe’s Clean Industrial Deal and Steel & Metals Transition Plan, the company offers a cost-effective, accelerated pathway for steelmakers seeking to produce green steel without major investment in the full hydrogen-based DRI value chain.
1 USD / 0.92 EUR