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The need for conversion to low-carbon steel production is greater in Europe, where 57% of steel is produced in coal-fired blast furnaces. Swedish-based startup H2 Green Steel has signed deals to supply low-carbon steel to IKEA, Mercedes-Benz , BMW and Scania. Customers of H2 Green Steel have been willing to support the project based on their own green targets and their end-customers’ willingness to pay a green premium, he said. H2 Green Steel said it would charge a €150 premium, while Swedish steelmaker SSAB expects to charge double that. Research from the Rocky Mountain Institute suggests the IRA will encourage green steel investments that would, by 2030, produce about eight million tons of low-carbon steel, or nearly 10% of U.S. steel demand.
Persons: fabian strauch, , Colin Richardson, incentivizing, CBAM, Nicola Davidson, Davidson, Henrik Henriksson, Mikael Sjoberg, ” Henriksson, Gunnar Güthenke, SSAB, Europe ”, Simone Tagliapietra, Paul Lim, ” Lim, Yusuf Khan Organizations: Leadership Group, Industry, Argus Media, Rocky Mountain Institute, U.S ., Business, International Energy Agency, Investments, Steel, IKEA, Mercedes, Benz, BMW, Scania, H2, Bloomberg, Research, Europe, Bruegel, U.S Locations: Europe, U.S, Brussels, London, European, Lakes , Texas, Pacific, China, Asia
A Northvolt building in Sweden, photographed in February 2022. Mikael Sjoberg | Bloomberg | Getty ImagesSKELLEFTEA, Sweden ꟷ Battery firm Northvolt will outline details of a new manufacturing plant in the U.S. before the start of the summer, CEO Peter Carlsson told CNBC Tuesday. The Swedish company has been reevaluating some of its investment decisions in light of the U.S. Inflation Reduction Act — often referred to as IRA. "I would be surprised if we have not done an announcement by latest in Q2 [second quarter]," he said. A worker walking past the coating ovens section at the Northvolt Ett factory in Skelleftea, north Sweden.
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