Marseille-based GravitHy, a low-carbon iron producer for the clean steel sector, announced this morning the closing of a €60 million funding round to finance its action plan, targeting a final investment decision in 2026, and accelerate growth by securing key contracts, completing engineering, obtaining permits, and attracting top talent.
The round brought in new investors: Japan Hydrogen Fund (a fund having Advantage Partners as investment advisor), Marcegaglia, Ecolab (via Nalco Dutch Holding) (an Ecolab company), Rio Tinto, Siemens and secured reinvestment from existing shareholders Engie New Ventures and InnoEnergy.
GravitHy Chief Executive Officer José Noldin said: “We are thrilled by the confidence our diverse investors have shown in GravitHy. Collaboration is key to disrupting the steel value chain, and we are proud to welcome these incredible partners who share our vision, values, and development goals. Their support accelerates our flagship project in Fos-sur-Mer, creating jobs, driving technological progress, and setting a blueprint for a resilient, decarbonised, and sovereign European steel industry.”
GravitHy was founded in 2022 as an innovator in the emerging low-carbon iron market. The company plans to play a critical role in accelerating the decarbonisation of the steel, industry with Direct Reduced Iron (DRI)/Hot Briquetted Iron (HBI) becoming a very important commodity in the future and traded on a global basis while creating new trade flows.
With this new funding, GravitHy is well-positioned to propose a fast solution to steelmakers that are eager to produce green steel focusing in their core-business without having to invest heavily in the full H2-DRI value chain.
This announcement comes on the heels of the European Commission’s plan to promote Europe’s steel and metal industrial capacity, with a strong focus on decarbonising the carbon-heavy steel sector.
GravitHy’s market entry is supported by Europe’s push for industrial sovereignty and decarbonisation, strong legislative framework to be further reinforced by Clean Industrial Deal and Steel & Metals Transition Plan as well as the increasing shortage of low-carbon metallics.
Diego Pavia, CEO of InnoEnergy, said: “We are delighted that GravitHy has reached this important milestone in their growth plan. Bringing in strategic investors from across the green steel value chain will help ensure demand for GravitHy’s low-carbon iron is secured from the get-go. This successful funding round is further proof that there is momentum for green industrial projects set to be a key driver of both economic growth and industrial decarbonisation in Europe.”
This portfolio funding comes at a pivotal moment for InnoEnergy that just launched a new brand – aiming to triple on mobilising up to €160 billion in Europe’s CleanTech investment by 2030.
A future plant is scheduled to be commissioned at the end of 2028, creating up to 500 direct jobs with an overall investment of €2.2 billion. It will be located on a 75-hectare site in the industrial zone of Fos-sur-Mer (France) and will produce 2 million tons of DRI/HBI every year – the equivalent of one Eiffel Tower a day. Using the green and low-carbon hydrogen produced on-site, it will have an electrolyser capacity of approximately 750 MW – the biggest in France, and one of the largest in the world – as per figures provided by GravitHy.
The conventional coke-based ironmaking, the step directly upstream of steelmaking, is reportedly responsible for more than 80% of the CO2 emissions throughout the entire process. Therefore, steel produced with low-carbon emissions is an essential component of the net-zero energy transition. The production of iron and steel contributes around 8%* of global carbon emissions and requires new technologies, redesigned processes, and new infrastructure to decarbonise.
Japan Hydrogen Fund, Partner and Head of Renewables & Sustainability Keiichi Suzuki said: “We are very proud of being a part of GravitHy’s investors, to support one of the most important European ‘Green steel projects’. The steel industry is the biggest emitter in industry, and AP is committed to reducing emissions in the ‘hard to abate’ sectors. Also AP is fully committed to bringing ‘Japan’s value’ to the large European projects though Japan Hydrogen Fund’s network in Japan. I hope Euro-Japan collaboration will be strongly enhanced through this investment.”
For this funding round, GravitHy was accompanied by the advisement of Rothschild & Co, Société Générale and Herbert Smith Freehills.
Read the orginal article: https://www.eu-startups.com/2025/03/producing-an-eiffel-tower-a-day-gravithy-secures-e60-million-to-power-green-steel-revolution/
