Norwegian start-up Blastr Green Steel (Blastr) plans to establish a “green” steel plant with integrated hydrogen production facility in Inkoo, Finland.
Blastr has entered into a Letter of Intent with Nordic energy company Fortum that provides exclusive rights to utilise an existing industrial site located in Inkoo. The investment is estimated to amount to €4 billion ($4.24 billion) and expected to create up to 1,200 direct jobs in the operations phase. Production is planned to start by end-2026, Kallanish learns from Blastr and Fortum announcements.
“Finland is an ideal location for our project. Inkoo was selected as our location due to its high-quality infrastructure and access to clean power. In addition, the ice-free deep-sea harbour enables efficient, low-carbon logistics all year round and close access to the European market,” says Blastr Green Steel chief executive Hans Fredrik Wittusen. He adds the venture will systematically address all parts of the value chain to reduce overall carbon footprint, reduce waste and develop circular solutions.
The green steel plant together with the integrated hydrogen facility will be among the largest industrial investments planned in Finland to date. It is projected to produce 2.5 million tonnes/year of high-quality hot and cold rolled coil.
Only two months ago, Blastr entered the public eye with a cooperation agreement with Cargill Metal for the sourcing of raw materials (see Kallanish 17 November). Blastr is backed by Vanir Green Industries, a Nordic investment company that invests in, develops and scales up green, robust and profitable businesses for the energy transition. It is the second such venture in Scandinavia to build a hydrogen-based steel mill after H2 Green Steel in Sweden. Hybrit will meanwhile produce hydrogen-based iron to feed steelmaking at SSAB.
Christian Koehl Germany