The new round of financing was led by existing investors Cargill, Finnish state-owned investment company Tesi and Blastr founder Vanir Green Industries, with support from three new Finnish investors, Aurora Infrastructure, Onvest Oy and Security Trading Oy. The proceeds from the financing are planned to be used for the development of the steel plant in Inkoo and the DR pellet plant with an annual production capacity of 6 million tons, while Blastr announced that it aims to achieve 90% lower CO₂ emissions compared to conventional steel production with its hydrogen-powered production model using carbon-free energy.
Mark Bula, CEO of Blastr, stated: “Blastr warmly welcomes its new partners who share our vision of a more sustainable steel industry and welcomes the strong and ongoing commitment of our founding investors. The successful completion of this second co-financing round is a real achievement for our team and partners and demonstrates the viability of our business model and our mine-to-door value proposition.”
Robin Lindahl, CEO of Aurora Infrastructure, emphasized: “Blastr's green steel project is an important industrial investment for Finland and exactly what the country needs to accelerate its transition to a sustainable future. “This project not only utilizes Finland's renewable energy resources, but also creates new jobs and economic opportunities by developing value-added processes locally. With its existing infrastructure and strategic location, the Inkoo site is an ideal location for such an initiative. At Aurora Infrastructure, we want to support such projects and have a proven track record of servicing some of the largest industrial sites in Finland. We want to be part of building Finland's future strengths and meeting the growing demand for green steel by building a robust hydrogen economy.”
Blastr submitted its Environmental Impact Assessment (EIA) report for the plant in Inkoo at the end of 2024 and announced plans to apply for environmental permits in 2025.
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