GravitHy, a company in InnoEnergy’s portfolio, has secured PLN 250 million in funding to build a facility for the production of low-emission steel. The investment round attracted global backers, including Ecolab, Japan Hydrogen Fund, Marcegaglia, Rio Tinto, and Siemens Financial Services. Existing shareholders, including Engie New Ventures and InnoEnergy, also contributed to the financing.
The new capital will support GravitHy’s continued development. By 2029, the company plans to launch a €2.2 billion production facility in Fos-sur-Mer, France, which will create 500 new jobs. The plant will produce 2 million tons of iron annually — equivalent to the steel needed to build one Eiffel Tower per day. The production process will be powered by 750 MW of electrolyzers, making it one of the largest green hydrogen-based industrial projects in the world.
What Makes the GravitHy Project Unique
“This investment stems from our Company Builders program and marks its fifth project. The program involves building ventures from the ground up at InnoEnergy, while simultaneously engaging strategic and financial investors, as well as technology providers. GravitHy’s ownership structure includes raw material suppliers, energy companies, IT and electrolyzer technology providers, and off-take partners — all of which ensure the bankability of such a large-scale project,” explains Mikołaj Budzanowski, CEO of InnoEnergy Central Europe.
“We aim to implement a similar program in Central and Eastern Europe, including in Poland, which could become one of its key beneficiaries. The goal is to develop industrial projects that strengthen supply chains and industrial resilience through a distributed ownership model. InnoEnergy acts as the initiator and catalyst, but successful execution must involve close collaboration with industry and finance. This is a blueprint for building a modern, resilient industrial base. We must produce more locally and increase exports — it’s an irreversible trend in the European economy and aligns with Poland’s reindustrialization strategy,” Budzanowski adds.
With secure financing in place, GravitHy can now move forward with key milestones post-2026, including finalizing major contracts, completing engineering work, securing permits, and growing its team. The company is already actively collaborating with its new investors to strengthen its capital structure and accelerate the construction and commercialization phases. Energy supplies have been secured, including through a 2024 nuclear production allocation agreement (CAPN), and the plant’s construction has been included in France’s 10-year high-voltage grid development plan.
“We’re proud that such a diverse group of investors has placed their trust in us. Collaboration is key to building a new value chain in the steel sector, and we’re thrilled to welcome partners who share our vision, values, and goals. Their support will accelerate the realization of our flagship project in Fos-sur-Mer, creating jobs, driving technological progress, and shaping the future of a resilient, decarbonized, and sovereign European steel industry,” says José Noldin, CEO of GravitHy.
Why Low-Carbon Steel Matters
Today, steel is primarily produced using coke, which accounts for around 80% of CO₂ emissions in the production process. Globally, iron and steel production contributes to about 8% of total greenhouse gas emissions. Decarbonizing the sector will require new technologies, processes, and infrastructure. Low-emission steel production is seen as a critical link in the Net Zero energy transition.
GravitHy’s shareholder structure includes key players across the steel value chain — from raw material supply to production support and demand security — boosting the project’s credibility and long-term potential.
Founded in 2022, GravitHy is a pioneer in the low-carbon steel market and plays a crucial role in decarbonizing the steel industry. In the near future, DRI (Direct Reduced Iron) and HBI (Hot Briquetted Iron) will become essential global commodities. With this new financing, GravitHy aims to offer faster, more cost-effective solutions for steel producers to reduce emissions without the need for massive capital investments.
The company’s growth is supported by Europe’s industrial sovereignty and decarbonization goals, favorable regulatory frameworks, and the current scarcity of low-emission materials.
Source: Manager+ article
