GravitHy, the pioneering green steel company, announced the successful close of a €60 million funding round, backed by prestigious investors and public funding from the French program “Première Usine.” This investment signifies a major milestone in the company’s journey to revolutionize the steel industry and drive decarbonization.
Leading the charge with €60 million in new capital, the round attracted major players like Advantage Partners, Inc., Ecolab, Marcegaglia, Rio Tinto, and Siemens Financial Services. Existing shareholders, InnoEnergy and ENGIE New Ventures, also participated in the round, reaffirming their confidence in GravitHy’s vision.
Accelerating Growth and Reaching New Heights
Under the leadership of CEO Jose Noldin, this funding will finance the development of GravitHy’s industrial-scale Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) plant in Ville de Fos-sur-Mer. The plant, scheduled to commence commercial production in 2029 after an extensive commissioning phase and gradual ramp-up, will produce 2 million tons annually, resulting in up to 90% reduction in CO2 emissions compared to traditional steel production methods.
Nicolas Chabannes, GravitHy’s CFO, emphasizes the significance of this fundraising: “This is a crucial step in securing the necessary capital for our plant construction. The market’s interest and the commitment of our investors demonstrate the relevance of our industrial project and our ability to attract investment. We are actively engaging with all stakeholders to finalize the project financing.”
Alice Vieillefosse, GravitHy’s Growth Officer, added: “We are dedicated to driving innovation and providing low-carbon DRI/HBI to our valued customers. We will forge strategic partnerships to ensure competitive growth and accelerate the transition towards a sustainable steel industry.”
Generating Jobs and Empowering a Sustainable Future
GravitHy’s groundbreaking plant is projected to create up to 500 direct jobs and contribute significantly to the regional economy.
This ambitious project with a total investment of €2.2 billion underscores GravitHy’s commitment to transforming the steel industry through sustainable and technologically advanced solutions. With the support of its dedicated investors, GravitHy is poised to become a leading force in shaping a greener and more sustainable future for steel.
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About GravitHy
GravitHy is a pioneering green steel company committed to decarbonizing the steel industry through the production of low-carbon Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI). GravitHy aims to deliver superior quality, sustainable steel solutions, contributing to a cleaner and more sustainable future for generations to come.
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