In a Memorandum of Understanding, the two companies outline a collaboration with three main elements:
- An equity investment by Hitachi Energy in H2 Green Steel
- Products and services from Hitachi Energy that are needed to construct and improve the electrical infrastructure to power steel production and giga scale electrolyzer plants
- Green steel off-take from H2 Green Steel for the manufacturing of Hitachi Energy’s products, once production starts.
Starting with the plant in Boden in Sweden, H2 Green Steel will leverage Hitachi Energy’s capabilities to optimise customers’ value chain to plan, build, operate and maintain the power infrastructure.
Partnership that unlocks immense opportunities
“This MoU is an important development to both H2 Green Steel and Hitachi, and demonstrates the immense opportunities that can be unlocked by close customer partnerships. In addition to the formal partnerships, Hitachi Energy will be a valuable partner as an equity owner, with their deep experience and commitment to a decarbonized industry,” says Carl-Erik Lagercrantz, Vice Chairman of H2 Green Steel.