Marseille-based GravitHy, a sustainable iron technology startup, has raised €60 million in funding to drive forward its mission of decarbonizing the steel industry.
The round attracted new investors including the Japan Hydrogen Fund, Marcegaglia, Ecolab (via Nalco Dutch Holding), Rio Tinto, and Siemens, with continued backing from Engie New Ventures and InnoEnergy.
Tackling One of Industry’s Biggest Emitters
Iron making accounts for over 80% of the steel industry’s CO₂ emissions, and the sector itself contributes nearly 8% of global carbon emissions. GravitHy aims to significantly reduce this impact by producing low-carbon iron as a cleaner alternative for steelmakers.
Founded in 2022, GravitHy is developing new supply chains around Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) as globally traded green materials—offering steelmakers a path to low-emissions production without the need for full-scale hydrogen-based retrofitting.
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Backed by Strategic Global Partners
Keiichi Suzuki of the Japan Hydrogen Fund called the investment a key step in fostering Euro-Japan collaboration on industrial decarbonization, while GravitHy CEO José Noldin emphasized the importance of multi-stakeholder support:
“This funding helps fast-track our flagship project in Fos-sur-Mer and supports our vision for a resilient, decarbonized European steel sector.”
What’s Next for GravitHy?
The €60M funding will go toward:
- Final investment planning (decision targeted for 2026)
- Engineering, permits, and contract agreements
- Scaling the team and securing strategic partners
By 2028, GravitHy plans to commission a plant in Fos-sur-Mer, France, which will:
- Produce 2 million tons of DRI and HBI annually
- Create up to 500 direct jobs
- Operate with 750 MW of electrolyser capacity—the largest in France for green hydrogen production
The company is positioning itself as a key player in the EU’s Clean Industrial Deal and Steel Transition Plan, helping transform one of the most polluting industries into a pillar of sustainable industrial growth.
