Synopsis: Blastr Green Steel partners with Sogn og Fjordane Energi for a long-term supply of clean electricity to their pellet plant at Lutelandet, Norway. The electricity will potentially support Blastr's ultra-low CO₂ steel plant in Inkoo, Finland. This collaboration aims to accelerate the development of a decarbonized steel value chain using renewable hydro and wind power. The pellet plant is a significant part of Blastr's sustainable steel production, with plans to produce 6 million metric tonnes annually, significantly reducing emissions compared to traditional steelmaking.Article: Blastr Green Steel and Sogn og Fjordane Energi have joined forces in a promising partnership to secure a long-term supply of clean electricity for Blastr's pellet plant located at Lutelandet on Norway's west coast. This endeavor is a critical step toward harnessing renewable hydro and wind power to advance a decarbonized steel value chain, a vision championed by Hans Fredrik Wittusen, the CEO of Blastr Green Steel. The support from SFE and other regional partners is invaluable as they advance their plan for the Lutelandet site.Back in August, Blastr identified the Lutelandet industrial area as a potential location for a plant dedicated to transforming iron ore pellet feed into direct reduction pellets. This choice was based on the area's existing industrial infrastructure, access to renewable energy sources, and its strategic position along the North Sea.Under the Letter of Intent, Blastr and SFE will collaborate in establishing a long-term power supply agreement. The ultimate goal is to sign a final agreement by the end of 2025, contingent upon Blastr obtaining the necessary regulatory approvals and making the final investment decision for the Lutelandet plant.Bengt Jostein Haugnes, Head of Energy & Markets at SFE, expressed their commitment to supporting new green industries in western Norway driven by clean energy. The LOI symbolizes their shared dedication to realizing a significant decarbonization project that has the potential to generate numerous jobs and substantial value in the Fjaler municipality.The pellet plant plays a pivotal role in Blastr's integrated green steel value chain, which has the potential to achieve a remarkable reduction of Scope 1-3 CO₂ emissions compared to traditional steel production. The innovative value chain, currently under development, promises a profitable business model with an exceptionally low CO₂ footprint for industrial-scale steel production. The plant will provide employment for approximately 120 individuals and stimulate economic activity in the surrounding area, with an estimated investment of around EUR 1.2 billion.Blastr's vision includes the production of 6 million metric tonnes of high-quality DR pellets annually, serving as feedstock for their ultra-low CO2 steel plant in Inkoo, Finland. Roughly half of these pellets will support the Inkoo steel plant, while the rest will be supplied to Cargill Metals for distribution in the global market for DR pellets.In August, Blastr initiated a Letter of Intent with Lutelandet Offshore Site & Drydock and Htwo-Fuel to explore Lutelandet as a potential site for the pellet plant. They also signed an LOI with Redcar Bulk Terminal in Teesside, United Kingdom, as an alternative location. This approach allows Blastr to maintain flexibility during the development process, optimizing the green steel value chain. Final site selection is anticipated by the end of 2023, with the final investment decision for the pellet plant expected in 2025, subject to relevant permits and agreements.Conclusion: Blastr Green Steel's collaboration with Sogn og Fjordane Energi in Norway marks a significant step towards securing clean electricity for their pellet plant, with the potential to support their ultra-low CO₂ steel plant in Finland. This partnership leverages renewable energy sources and accelerates the development of a sustainable steel value chain. The pellet plant, a vital component of Blastr's green steel production, has the potential to substantially reduce emissions compared to traditional steelmaking. Their commitment to clean energy and decarbonization showcases their dedication to a greener, more sustainable future.