Hydnum Steel (HS) has officially secured €60 million ($68.3m) in funding for the building of the first “green” steel mill on the Iberian Peninsula, Kallanish learns from the prospective Spanish steelmaker.
The financing is part of Spain’s strategic PERTE programme, aimed at accelerating the industrial sector’s green transition, under the European Union’s Recovery, Transformation and Resilience Plan – Next Generation EU.
“The Spanish Ministry of Industry and Tourism has officially reaffirmed its support for Hydnum Steel and confirms that our project is the immediate solution Europe needs to lead the reindustrialisation of its steel industry,” the company states. “This final resolution strengthens the backing we first received in the initial call of the PERTE and enables us to move forward with our timeline to begin construction early next year.”
The green steel plant, located in Puertollano, in the Castilla-La Mancha region, is designed to use fossil-free energy throughout the manufacturing process and will gradually incorporate green hydrogen to substantially reduce CO2 emissions. HS aims to produce 1.5 million tonnes/year of flat steel, supplying key sectors such as automotive, construction and renewable energy.
The project has strong institutional support and international recognition. It has been declared a priority project by the Castilla-La Mancha regional government and is currently pursuing “project of singular interest” status, a legal designation that will expedite its development. Moreover, the World Economic Forum recently identified it as one of the five most important industrial decarbonisation initiatives globally.
The project is a partnership consisting of the Helvella investment company, Siemens, ABEI Energy and Russula Corp.
Author: Todor Kirkov
