Sweden’s H2GS looks to Canada as it lines up a mega green steel plant: Swedish metal and hydrogen company H2 Green Steel (H2GS) is in negotiations with Canada to set up a mega green steel plant in northern Quebec, CEO Henrik Henriksson told Bloomberg in an interview. He said the proposed 500 acre project will need an investment ranging between EUR 3 and EUR 6 bn. A proposed plan sees the Swedish company building a “green iron” facility and a mega electrolyzer powered by renewable energy to supply the project with hydrogen instead of coal. Another plan sees a full steel mill that would require 2k workers, a workforce similar to that of the company’s first under-construction plant in Sweden’s Boden. “It will depend on the dialogue we have with authorities in Canada regarding power allocation,” he said.

Electricity could be a barrier: H2GS will need as much as 700 MW of electricity, which represents 1.5% of Quebec’s actual capacity, which could be risky during winter as demand peaks. Electricity barriers have forced state-owned utility Hydro-Quebec to become cautious about projects as demand grows, Bloomberg notes.

And that’s not all: The Swedish company is also carrying out a feasibility study on Texas as it explores wind and solar development. “Canada is definitely ahead, but Texas has a very progressive view on creating business,” H2GS Executive Vice-President Kajsa Ryttberg-Wallgren said. “There are not many places in the world where you actually have optimal conditions,” Ryttberg-Wallgren added. The firm’s future pipeline also includes projects in Brazil and Portugal with partners Vale and Iberdrola.

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The UK is providing GBP 89 mn to 20 net zero tech projects: The UK has awarded GPB 89 mn in funding to 20 green tech projects including hydrogen-powered off-road vehicles, a new lithium scale-up plant and revolutionary new EV battery systems, according to a statement. The funding package includes four collaborative R&D projects, five scale-up assessments projects to explore if businesses in the automotive sector are ready for growth, and seven feasibility studies to prepare projects to develop large-scale manufacturing facilities in the UK, the statement notes. GPB 45.2 mn of this investment comes from the UK government and the other GBP 42.7 mn is funded by the automotive industry.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Japan’s electric aircraft industry gets a boost: Japan will allocate USD 205 mn in subsidies for hydrogen fuel cell systems and other components required to manufacture electric aircrafts. (Reuters)
• LG Energy is spending big after Toyota EV agreement: South Korea’s battery manufacturer LG Energy will pour USD 3 bn to expand its factory in Michigan after securing an agreement to supply 20 GWh of high nickel-cobalt-manganese-aluminum battery modules to Toyota annually starting 2025. (Bloomberg)