Steel production
It takes a lot of energy to produce steel in a blast furnace.
(Photo: dpa)
The Herzogenaurach-based automotive and industrial supplier Schaeffler is massively increasing its investments in the green steel start-up H2 Green Steel. Schaeffler gave a further 65 million euros in the latest financing round, the company announced on Monday. The investment is now at 100 million euros. Schaeffler supports H2 Green Steel as a technology partner in the development of steel that can be used for car parts, for example. In total, H2 Green Steel raised around 1.5 billion euros in the financing round.
The people of Herzogenaurach have already agreed to buy CO2-reduced steel from the Swedish company in 2021; A year later, the first equity investment took place in a financing round. H2 Green Steel wants to build a steelworks that runs on hydrogen in the northern Swedish city of Boden.