Norwegian company Blastr Green Steel is planning to establish a green steel plant with an integrated hydrogen production facility in Inkoo in Finland at an investment of EUR 4 billion. Blastr has entered into a Letter of Intent with Nordic Energy Company Fortum that provides Blastr exclusive rights to utilize an existing industrial site located in Joddböle in Inkoo in western Finland. The production is planned to start by end of 2026. Blastr will establish a pelletizing plant in Norway and a green steel plant with an integrated hydrogen production facility in Finland and is expected to become one of the largest industry start-ups in the Nordic region. The steel plant is planned to produce 2.5 million tonnes of high-quality hot and cold-rolled green steel annually. Blastr was founded in 2021 and is part of Vanir Green Industries. Blastr is dedicated to decarbonizing the steel value chain through developing local, sustainable and scalable value chains for steel production. By utilizing local raw materials and fossil-free energy and applying circular economy thinking throughout the value chain, Blastr aims to cut the CO2 emissions of its end products by 95% compared to conventional methods. Green steel is a key enabler for the green transition, as it will be a critical raw material for developing renewable energy infrastructure, such as wind turbines, as well as in segments such as construction, the automotive industry, and consumer goods. In Europe alone, the demand for decarbonized steel is expected to reach 50 million tons by 2030, nearly one-third of the current European steel demand. Fortum has developed the Joddböle area since the dismantling of the Inkoo power plant in 2017-2020. The area has excellent conditions for industrial activities: a deep-water harbor and an excellent electricity transmission network.
Norwegian company Blastr Green Steel is planning to establish a green steel plant with an integrated hydrogen production facility in Inkoo in Finland at an investment of EUR 4 billion. Blastr has entered into a Letter of Intent with Nordic Energy Company Fortum that provides Blastr exclusive rights to utilize an existing industrial site located in Joddböle in Inkoo in western Finland. The production is planned to start by end of 2026. Blastr will establish a pelletizing plant in Norway and a green steel plant with an integrated hydrogen production facility in Finland and is expected to become one of the largest industry start-ups in the Nordic region. The steel plant is planned to produce 2.5 million tonnes of high-quality hot and cold-rolled green steel annually. Blastr was founded in 2021 and is part of Vanir Green Industries. Blastr is dedicated to decarbonizing the steel value chain through developing local, sustainable and scalable value chains for steel production. By utilizing local raw materials and fossil-free energy and applying circular economy thinking throughout the value chain, Blastr aims to cut the CO2 emissions of its end products by 95% compared to conventional methods. Green steel is a key enabler for the green transition, as it will be a critical raw material for developing renewable energy infrastructure, such as wind turbines, as well as in segments such as construction, the automotive industry, and consumer goods. In Europe alone, the demand for decarbonized steel is expected to reach 50 million tons by 2030, nearly one-third of the current European steel demand. Fortum has developed the Joddböle area since the dismantling of the Inkoo power plant in 2017-2020. The area has excellent conditions for industrial activities: a deep-water harbor and an excellent electricity transmission network.
