A consortium composed of EU’s European Institute of Innovation & Technology’s innovation engine for sustainable energy EIT InnoEnergy, Engie New Ventures, Plug, FORVIA, GROUPE IDEC through Groupe IDEC Invest Innovation and Primetals Technologies as a partner of the consortium have launched GravitHy, a future market leader in green steel. The fully sustainable iron and steel company will support the growing demand for zero carbon steel, whilst contributing to Europe’s Fit for 55 package ambitions to decarbonize hard-to-abate industries. The project, which plans to mobilize 2.2 billion Euro worth of investment at commissioning, will build its first plant in the area of Fos sur Mer, Southern France, with construction commencing in 2024. The company aims for the plant to be fully operational by 2027, subject to any required regulatory approvals. GravitHy has an ambition to produce an annual throughput of 2 million tons of Direct Reduced Iron and to create over 3,000 direct and indirect jobs for the region.Launched in 2022, GravitHy is a sustainable iron and steel company, with its first plant located in Fos-sur-Mer in Southern France. GravitHy will address the growing demand for green iron and steel. GravitHy will support in easing emissions from this industry by generating and using green and low-carbon hydrogen to produce DRI. The DRI will be used either on-site as a feedstock for green steel or traded globally under the form of Hot-Briquetted Iron. This directly contributes to the decarbonization of the hard-to-abate value chain of steelmaking and supports the EU’s ambition of carbon neutrality by 2050.GravitHy’s roster of world-class founders has been brought together based on cross-sector collaboration and skills sharing. EIT InnoEnergy, the world's largest investor in sustainable energy innovations, will provide its business acceleration services through its European Green Hydrogen Acceleration Center, EGHAC, supported by Breakthrough Energy. EGHAC, was set up to serve as a key enabler of industrial value chains and clean tech innovation, with the aim of developing an annual EUR 100 billion green hydrogen economy by 2025. Engie offers deep knowledge of hydrogen, renewables, and electricity markets. Plug offers experience on integrated hydrogen projects and is a leading manufacturer of electrolysers. The Groupe IDEC, a major player in all segments of the real estate market (development, investment, design-build, energy), will provide the support in the search for land.Primetals Technologies will add to this, providing cutting edge technology and expertise to enable green and low carbon steel production.FORVIA will represent the off-take side of the value chain.