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.”
As a leading global supplier to the automotive and industrial sectors, the Schaeffler Group has been driving forward groundbreaking inventions and developments in the fields of motion and mobility for over 70 years. With innovative technologies, products, and services in the fields of CO₂-efficient drives, electric mobility, Industry 4.0, digitalization, and renewable energies, the company is a reliability partner for making motion and mobility more efficient, intelligent, and sustainable. The technology company produces precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a multitude of industrial applications. The Schaeffler Group generated sales of approximately EUR 12.6 billion in 2020. With around 83,900 employees, the Schaeffler Group is one of the world’s largest family companies. With more than 1,900 patent applications in 2020, Schaeffler is Germany’s second most innovative company according to the DPMA (German Patent and Trademark Office).
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