French startup GravitHy has raised EUR 60 million to advance its low-carbon iron project, backed by investors like Rio Tinto and Siemens Financial Services. 

The future plant in the Fos-sur-Mer industrial zone, set to open in 2029, will produce 2 million tons of direct reduced iron (DRI) and hot briquetted iron (HBI) annually using green hydrogen, cutting CO2 emissions by up to 90%. Total investment will reach EUR 2.2 billion, creating 500 jobs.