Iberdrola joins Swedish steelmaker for hydrogen venture

The Spanish power company teams up with Sweden's H2 Green Steel to invest EUR 2.3bn in a new partnership aiming to build a green hydrogen plant of 1GW.

Photo: PR / Iberdrola

Iberdrola and Swedish H2 Green Steel (H2GS) are setting up a new joint venture to invest EUR 2.3bn in building a green hydrogen production facility in the Iberian Peninsula.

The plant will reach production capacity of 1GW, with operation commencing in 2025 or 2026, the utility informs in a statement, adding the location will provide access to cost-efficient renewable energy and the necessary infrastructure for making green hydrogen – but also decarbonized iron and steel.

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