Hydnum Steel (HS) has officially raised 60 million euros ($68.3 million) to finance the construction of the first "green" steel mill on the Iberian Peninsula, Callanish told a potential Spanish steel producer.
The financing is part of the Spanish strategic program PERTE, aimed at accelerating the transition of the industrial sector to a green economy within the framework of the European Union's Plan for Recovery, Transformation and Sustainability – the EU Next Generation.
"The Spanish Ministry of Industry and Tourism has officially confirmed its support for Hydnum Steel and confirmed that our project is the immediate solution Europe needs to re-industrialize its steel industry," the company said in a statement. "This final decision reinforces the support we received when PERTE initially contacted us and allows us to move forward in line with our deadlines to begin construction early next year."
The environmentally friendly steel plant, located in Puertollano, in the Castile-La Mancha region, is designed to use non-fossil fuel energy throughout the production process and will gradually introduce environmentally friendly hydrogen to significantly reduce CO2 emissions. HS plans to produce 1.5 million tons of rolled steel per year for key industries such as automotive, construction and renewable energy.
The project enjoys strong institutional support and international recognition. The Regional Government of Castile-La Mancha has declared it a priority project, and it currently has the status of a "project of special interest", a legal designation that will accelerate its development. Moreover, the World Economic Forum recently identified it as one of the five most important industrial decarbonization initiatives worldwide.
The project is a partnership that includes the investment company Helvella, Siemens, ABEI Energy and Russula Corp.
Author: Todor Kirkov
Kallanish.com