Published by Todd Bush on October 31, 2023
STOCKHOLM, Oct. 31, 2023 /PRNewswire/ -- Porsche AG and the Swedish industrial start-up H2 Green Steel have signed an agreement for the supply of CO2-reduced steel. The aim is to further improve the emissions balance of Porsche vehicles by using CO2-reduced steel.
H2 Green Steel plans to produce steel using renewable electricity in Boden, Sweden, starting end of 2025. From 2026, Porsche and various direct Porsche suppliers of production material are to be supplied with near zero-emission steel from the company. This agreement marks the second contract between H2 Green Steel and a company in the Volkswagen Group, following that of Scania announce earlier in 2023.
The material would have one of the lowest carbon footprints on the market. H2 Green Steel relies on an innovative production process with hydrogen and electricity from renewable energy sources. Production of the steel is therefore almost CO₂-free. According to H2 Green Steel, this results in up to 95 percent lower CO₂ emissions than conventional steel production with coking coal. Up to 35,000 tonnes of the low-emission steel produced in Sweden are to be used per year for the series production of Porsche vehicles. By way of comparison: in 2022, 220,000 tonnes of steel were used in Porsche vehicles.
"Porsche is working towards a carbon-neutral balance sheet across the value chain for its cars by 2030. CO2-reduced steel plays a key role in our sustainability strategy. With the steel from H2 Green Steel, we aim to further reduce the CO2 emissions caused by this important material," explains Barbara Frenkel, Executive Board Member for Procurement at Porsche AG.
>> RELATED: HIF Global, Porsche and Volkswagen Group Unveil New Direct Air Capture Unit
The proportion of steel in Porsche's vehicles has been continuously reduced in recent years. In the meantime, Porsche is increasingly relying on aluminium for lightweight construction. However, steel remains one of the key elements in sports car construction due to its excellent mechanical properties. "Energy, processes and materials account for a significant share of CO2 emissions in the supply chain. That is why we want to increase the use of recycled materials and green electricity in the production processes of direct suppliers as part of our decarbonization efforts," comments Barbara Frenkel.
"Few brands are as iconic as Porsche. It stands for quality and a premium product. It's also a company that is working actively towards a sustainable future, with clear expectations on how the supply chain contributes to that. Having Porsche place an order for near zero-emission steel is a real boost both for us as a company, but also the transformation of the steel industry, which has very much been driven by the demand from the automotive industry", says Henrik Henriksson, H2 Green Steel's CEO.
The following files are available for download:
https://mb.cision.com/Main/20623/3866411/2398244.pdf
SOURCE H+H international A/S
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🔧 America Bets Big on Blue Hydrogen: Inside the Engine Revolution Backed by Top Institutions 🤖 Bringing AI to Carbon Capture: How Imperial College is Revolutionising Plant Operat...
Inside This Issue 💰 Shell, Equinor, Totalenergies to Invest $714 Million in Carbon Storage Expansion 🚢 AiPs Obtained for Liquefied CO₂ Carrier Design and Floating Liquefied Storage Facility 🌱 Stoc...
Inside This Issue 🌍 Innovating the Future: Gautam Swami's Global Journey in Low-carbon Energy and Finance 🌊 Captura Announces Sale of Carbon Removal Credits and Strategic Partnership With Mitsui O...
EFM and Meta Collaborate to Advance Climate-Smart Forestry in Washington State
PORTLAND, Ore.--Yesterday, EFM, a forest investment and management firm, and Meta announced that they have finalized a groundbreaking long-term contract for the delivery of 676,000 nature-based car...
Carbon Direct Releases Criteria for High-Quality Marine CDR in Collaboration with Microsoft
New standards aim to support buyers and developers in advancing scientifically rigorous, scalable mCDR solutions Key Takeaways: New standards for marine carbon dioxide removal (mCDR) – Carbon ...
dynaCERT Applauds the Expansion of the Ontario Hydrogen Innovation Fund
TORONTO – dynaCERT Inc. (TSX: DYA) (OTC: DYFSF) (FRA: DMJ) (“dynaCERT” or the “Company”) applauds the recently announced changes of March 31, 2025, proposed for the Ontario Government Hydrogen Inno...
$28 million project financing, inclusive of the completed sale of the Investment Tax Credit associated with the project, returns cash back to Energy Vault's balance sheet for the first resiliency c...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.