Sweden’s H2 Green Steel raises funding for mega green steel plant: Sweden’s H2 Green Steel has raised EUR 1.5 bn (c. USD 1.6 bn) in equity to fund what is slated to be the world’s first large-scale green steel plant and a giga-scale electrolyzer to provide the facility with hydrogen, according to a statement released on Thursday. The private placement — the biggest in Europe this year — was co-led by French hydrogen investor Hy24, along with existing investors including Altor Equity Partners AB and Just Climate. A final investment decision is expected in the coming two to three months pending final paperwork related to debt funding by banks, H2 Green Steel’s CEO Henrik Henriksson told Bloomberg in an interview. He acknowledged that the cost of the project has soared due to rising inflation and the price of construction materials, yet said that 70% of capex has been locked in earlier. H2GS plans to begin operations at the facility in northern Sweden’s Boden in late 2025, Henriksson said, adding that construction has already begun at the site.

Airbus, Easyjet, and Rolls-Royce launch hydrogen program: French aerospace company Airbus, British low-cost air carrier Easyjet, and luxury carmaker Rolls-Royce have launched their Hydrogen in Aviation (HIA) program in a bid to position the UK as net-zero aviation hub, according to a statement released last week. HIA — which includes British supplier GKN Aerospace and Denmark’s Orsted — will work on ensuring the infrastructure, policy, regulatory and safety frameworks to get the world’s first hydrogen-powered flights off the ground. Airbus plans to roll out its first hydrogen-powered commercial flight by 2035, while Rolls- Royce began testing the use of hydrogen-powered jets back in November.

REMEMBER- Just last month, UAE renewables giant Masdar inked an agreement with California-based hydrogen-electric aircraft developer ZeroAvia to explore hydrogen production and supply projects for aircrafts. Under the agreement, ZeroAvia will refuel its zero-emission aircrafts at commercial airports by 2030, with plans for a first hydrogen-fueled commercial flight by 2025.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Mission EV for PetroChina: Chinese oil major Petrochina has fully acquired EV charging company Potevio New Energy as demand on investments in low-carbon businesses grows. (Reuters)
• AfDB launches USD 1 bn climate fund: The African Development Bank (AfDB) has launched a USD 1 bn fund to support climate-focused, youth-led SMEs and startups in a bid to accelerate climate adaptation efforts in the continent. Proceeds from the new fund will be channeled towards supporting Africa’s YouthAdapt accelerator program, a joint venture between AFDB and the Global Centre on Adaptation. (Statement)
• Singapore is expanding its ocean CO2 removal project: Singapore said it plans to add to a pilot project that enhances the ocean’s capacity to absorb carbon dioxide emissions using electricity to extract CO2 from seawater. (Reuters)
• China’s Trina Solar had a good 1H: Trina Solar raked in revenues totalling USD 7.1 bn in 1H 2023 on the back of an uptick in global solar cell demands. The company delivered 75 GW worth of its 210 mm solar panel modules by the end of June, and it is supplying PV panels for Abu Dhabi’s 2 GW Al Dhafra solar plant. (Statement)
• IFC channels more support for African climate adaptation: The International Finance Corporation is earmarking USD 50 mn in equity investments towards Denmark’s Africa-centered, climate-focused Emerging Markets Infrastructure Fund II. The capital will be funneled toward upscaling transport infrastructure for the clean energy transition on the continent and tackling food insecurity. (The East African)
• Fresh financing for African climate mitigation: Belgium will commit EUR 24 mn toward financing biodiversity restoration, smart city, and agritech projects in Burundi, Guinea, Mali, Senegal, and Tanzania. The projects are set to be launched between 2023 and 2024. (Belga News Agency)