The EU Innovation Fund is investing EUR 1.1 billion in total for all seven projects, all of which aim to “decarbonize the European industry and energy sectors, such as chemicals, steel, cement, refineries, and power and heat,” according to a company press release.

The HYBRIT initiative is the only iron and steel project to have gained the support of the EU Innovation Fund.

“HYBRIT is paving the way for a fundamental change in the global steel industry. It also demonstrates how fast the green transition can happen: a few years ago, the possibility of producing emission-free steel would have sounded like science fiction,” said Frans Timmermans, executive vice president of the European Commission responsible for the European Green Deal. “Now, green steel is entering the market. The support granted via the Innovation Fund is testament to the importance and potential of this technology, and the European Commission is convinced that this cutting-edge project will boost the European Union’s overall competitiveness. Green steel has the future, and that future is already here.”