European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
No Result
View All Result
Home < INDUSTRIES Industrial

Schaeffler to buy green steel from Swedish start-up company H2greensteel

by Marie Weil
November 10, 2021
A A
Share on LinkedinShare on Twitter

Schaeffler will source 100,000 tons of the steel, which is produced virtually CO2-free and with the use of hydrogen, from 2025.

  • Schaeffler signs off-take agreement with H2greensteel for supply of green steel
  • From 2025, Schaeffler to source 100,000 tons of the steel, which is produced virtually CO2-free, on an annual basis
  • The ordered green steel reduces Schaeffler’s CO2 emissions c. p. by up to 200,000 tons per year
  • The agreement is a first major step to make Schaeffler’s supply chain carbon-neutral by 2040

The automotive and industrial supplier Schaeffler has entered into an agreement with Swedish start-up company H2greensteel to purchase 100,000 tons of the virtually CO2-free steel, which is produced using hydrogen, on an annual basis with effect from 2025. This makes Schaeffler the first tier 1 supplier worldwide to become a customer of the innovative start-up company. The agreement is set for the long-term and includes the delivery of strip steel. The steel produced in Sweden requires non fossil fuels and reduces Schaeffler’s annual CO2 emissions c. p. by up to 200,000 tons. The agreement is a first major step to make Schaeffler’s supply chain carbon-neutral by 2040. “Steel purchasing is strategically important to Schaeffler,” states Andreas Schick, Chief Operating Officer at Schaeffler AG. “We process a significant amount of steel and view this as a crucial driver in supporting the decarbonization. Already today Schaeffler is relying increasingly on low CO2 steel production processes among its suppliers. An essential element is also the use of the circular economy, which we want to implement consistently.”

H2greensteel (H2GS) was founded in 2020 and aims to produce five million tons of virtually CO2-neutral steel annually in Sweden by 2030. “We are delighted to have found a global and experienced partner in Schaeffler, to support us in our goal of decarbonizing the steel industry, and with whom we can work toward making the world more sustainable for the future,” states Henrik Henriksson, CEO of H2GS. As a greenfield project, the company is planning a new steel site with networked and digital production that will produce “green steel” in the towns of Boden and Luleå. The first European steelworks in around 40 years is being constructed there, together with a dedicated production facility for hydrogen generation. The production of green steel is energy-intensive and must be done from sustainable sources. Northern Sweden offers excellent conditions for this. The production of steel without carbon dioxide is realized by H2GS through the use of the direct reduction method, in which hydrogen produced from renewable energies is used instead of coking coal, thus enabling a 95 percent reduction in the CO2 emissions produced with previous methods. The founder and majority shareholder of H2GS is Vargas Holding, a co-founder and major shareholder of the Swedish battery cell manufacturer Northvolt.

Klaus Rosenfeld, Chief Executive Officer of Schaeffler AG, says: “The use of green hydrogen for the direct reduction of iron ore is a crucial component in making steel clean and sustainable in the future. Hydrogen is an important technology and growth area for Schaeffler. Against this background, the partnership with H2greensteel is a very important step for us in advancing the topic of sustainability.”

Tags: < Market

Related Industries

Industrial

Voith and Essity develop groundbreaking concept for sustainable paper production

March 24, 2023
Industrial

Schneider Electric investing €40 million in new smart factory in Hungary

March 23, 2023
default
Industrial

Voith Hydro opens new center of competence for generator components

March 8, 2023
Industrial

Carrier Makes Donation to the European Food Banks Federation to Help Reduce Food Insecurity in Europe

March 8, 2023
Industrial

Henkel launches novel Sensor INKxperience Kit for IOT sensor engineering with printed electronics technologies

February 23, 2023
Industrial

Sandvik announces changes to the Group Executive Management

February 22, 2023

Dorothea von Boxberg to be CEO of Brussels Airlines

March 24, 2023

...

Carrier Makes Donation to the European Food Banks Federation to Help Reduce Food Insecurity in Europe

March 8, 2023

...

TotalEnergies Partners with Alimentation Couche-Tard in Belgium and Luxembourg and Sells its Networks in Germany and the Netherlands

March 17, 2023

...

Joachim Aelvoet is the new Country Executive of ABN AMRO in Belgium

March 9, 2023

...

UBS to acquire Credit Suisse

March 20, 2023

...

Volkswagen Appoints Nicole Mommsen as Head of Global Communications and Sustainability at Group Technology

March 1, 2023

...

Alstom’s Virtual Universe: bringing rail innovation to life in a digital world

March 24, 2023

...

GE Renewable Energy continues to add wind power to Lithuania

March 3, 2023

...

ABN AMRO Sustainable Impact Fund invests in Fairphone

February 25, 2023

...

Introducing the Aygo X UNDERCOVER

March 3, 2023

...

Asia Pacific Business Asia Pacific Business Asia Pacific Business

EUROPEAN BUSINESS is a premier source of corporate news, business information and insights across broad spectrum of industries in Europe and worldwide.  We are one of the members of the Business World Network.

RESOURCES

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor # european-biz.com

PARTNERSHIP:     partnership # european-biz.com

HUMAN RESOURCE:     hr # european-biz.com

* (replace # with @)

  • Official Site

Copyright © EUROPEAN-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © EUROPEAN-BIZ.COM All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist