Marseille-based GravitHy, a pioneer in low-carbon iron production, has successfully raised €60 million in a funding round aimed at advancing its mission to decarbonize the steel industry. The investment, announced on March 26, 2025, attracted new backers, including the Japan Hydrogen Fund, Marcegaglia, Ecolab, Rio Tinto, and Siemens, alongside additional contributions from existing investors like Engie New Ventures and InnoEnergy.
Founded in 2022, GravitHy is at the forefront of developing sustainable solutions for the steel sector, which is responsible for approximately 8% of global carbon emissions. The company plans to produce Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) as globally traded commodities, offering steelmakers a pathway to green steel production without requiring heavy investments in hydrogen-based reduction processes.
The funds will be utilized to accelerate GravitHy’s flagship project in Fos-sur-Mer, France. This includes securing key contracts, completing engineering work, obtaining necessary permits, and attracting top talent. The project, set to begin commercial production in 2029, aims to produce 2 million tons of DRI annually, equivalent to the weight of an Eiffel Tower each day. The facility will also feature a 750 MW electrolyzer, one of the largest in the world, to generate green hydrogen for the reduction process.
GravitHy’s CEO, José Noldin, expressed gratitude for the confidence shown by investors, emphasizing the importance of collaboration in transforming the steel value chain. “This milestone accelerates our efforts to create a resilient, decarbonized, and sovereign European steel industry,” he stated.
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[1] An Eiffel Tower a day: GravitHy secures €60 million to power green steel revolution https://www.eu-startups.com/2025/03/producing-an-eiffel-tower-a-day-gravithy-secures-e60-million-to-power-green-steel-revolution/