H2 Green Steel signs agreement worth €1.5 billion
Germany's ZF is one of the largest suppliers to the global automotive industry. It produces components such as gearboxes, axles, clutches and shock absorbers.
ZF is processing around 2.5 million tons of steel per year. The contract for supplies from H2 Green Steel covers a large part of that.
Deliveries will start in 2026 and are expected to reduce CO2 emissions by nearly 2.3 million tons compared to traditionally produced steel.
“This is a true milestone contract for H2 Green Steel, not the least because of its size. ZF’s role in the automotive ecosystem is undeniable and they are a true partner to us where we also see potential to move into other regions, like North America, says Henrik Henriksson, CEO of H2 Green Steel.
ZF has about 165,000 employees at 168 locations in 32 countries. Founded in 1915, the company supplies mobility technology for passenger cars, commercial vehicles and other industrial applications.
ZF has a sustainability strategy to be climate neutral by 2040, including value chain emissions.
"No one can fight climate change alone, but teaming up with partners, we can achieve a lot. H2 Green Steel is a good example of startups working together with established players to drive change faster than the incumbent industry has managed. For ZF, this is a strategic agreement in our significant efforts to reduce CO2emissions from our supply chain,” says ZF Board of Management member Stephan von Schuckmann.
Lennart Håkansson
editor@northswedenbusiness.com
