Schaeffler Increases Equity Interest in H2 Green Steel

Schaeffler Increases Equity Interest in H2 Green Steel

Schaeffler will channel its know-how into the development of new steel products, such as green e-steel for electromobility.

During a recent equity funding round, Schaeffler agreed to invest an additional 65 million euros in Swedish startup H2 Green Steel, boosting its total stake to 100 million euros. Schaeffler says this move represents the most equity it has ever put into a minority stake in another company.

As a strategic technology partner of H2 Green Steel, Schaeffler says it will channel its know-how into the development of new steel products, such as green e-steel for electromobility. In addition, the two companies will jointly develop new applications for the use of sustainable rolling bearing solutions in production.

The goal is to maximize the efficiency of production through the use of first-rate components and integrated condition monitoring solutions, according to Schaeffler. The two companies will also benefit from each other’s expertise in the areas of digitalization and circular economy. 

“Achieving sustainability across the entire value chain requires cooperation between strong partners who are willing to move forward together with commitment and determination,” Klaus Rosenfeld, chief executive officer of Schaeffler AG, said. “Schaeffler and H2 Green Steel are both pioneers with true innovative power, and we are now synergizing these strengths even further. The increased capital stake and the strategic technology partnership follow the off-take agreement of 2021 as the next logical step as our two organizations seek to work together even more closely. Together, we are making a significant contribution to the global transformation of the steel industry and the reduction of CO2 emissions.”

Green steel: Key Lever for Decarbonization
Schaeffler says it is “pursuing the overarching goal of being completely climate-neutral by 2040.”

By 2030, the company aims to achieve both climate neutrality in its own production processes (Scope 1 and 2) and a 25 percent reduction in its supply chain emissions (Scope 3 upstream). To achieve these targets, Schaeffler says it is focusing systematically on decarbonizing the materials it uses most – including, most notably, steel. Every working day, the company says it processes roughly an Eiffel Tower’s worth of steel – somewhere in excess of 7,000 tons.

The advantage of the green steel purchased from H2 Green Steel is that it has up to 95 percent less embodied CO2emissions (Scope 3 upstream) than conventional steel produced via the blast furnace route, Schaeffler says.

You May Also Like

The Digitalization of Mexico’s Automotive Manufacturing Industry

Ibarra discusses the future trends in the digitalization of the automotive industry in Mexico, and how companies should prepare for them.

The-Digitalization-of-Mexicos-Automotive-Manufacturing-Industry

GlobalAutoIndustry.com’s latest Audio Interview "The Digitalization of Mexico's Automotive Manufacturing Industry" features Fernando Ibarra.

Ibarra is president of the industry 4.0 Cluster of San Luis Potosi, Mexico. He is also director of the German Mexican Chamber of Commerce and Industry in Mexico. In addition, he serves as the senior advisor of the Secretary of Economic Development of the State of San Luis Potosi.

Martinrea Invests $35 Million to Expand Ontario Facility

The company said the new addition will house a new SIMPAC 3000 metric ton stamping press.

Polestar Integrates Renewable Fuels for Ocean Freight

The company is reducing supply chain emissions by integrating renewable fuels on its ocean freight routes, which account for around 75% of its total transportation emissions.

Polestar-Integrates-Renewable-Fuels-for-Ocean-Freight
MEMA to Host International Supply Chain Webinar

The content of the webinar will be beneficial to operations, logistics and purchasing teams, the organizations said.

Gemini-Shippers_MEMA-webinar
Iveco, Foton Announce Joint Exploration Project

The two companies will look into future synergies in the areas of electric vehicles and components.

Hyundai Motor, Iveco Group Partner on Electric H-D Trucks

Other Posts

SEMA Issues Statement on SB 301 Being Vetoed

SEMA announced it is “deeply disappointed” that California’s Senate Bill 301, legislation aimed at incentivizing the conversion of gas and diesel-powered cars into ZEVs, was vetoed by California Governor Gavin Newsom.

NREL zero emissions vehicles
Navistar Highlights Sustainability Efforts in New Report

The report illustrates Navistar’s sustainability efforts as part of the company’s vision to accelerate the impact of sustainable mobility.

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells

Schaeffler also is demonstrating its progress toward the commercialization of green hydrogen, at the Hydrogen Americas 2024 Summit and Exhibition in Washington, D.C. 

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells
Andreas Nix Takes Over as COO of ZKW Group

Nix replaces Stefan Hornvuis, who left the company for personal reasons.

https://www.aftermarketnews.com/zkw-named-headlamp-supplier-for-the-bmw-xm/