Mercedes-Benz to have an equity stake in Swedish start-up- Plans to launch CO2 free green steel cars in 2025German vehicle manufacturer, Mercedes-Benz, is all set to acquire a stake in H2 Green Steel.
The Sweden-based start-up was established in 2020 with the purpose to construct a carbon-neutral steel production factory in north Sweden.
Mercedes-Benz AG is going to utilise the green steel produced by H2GS into series production starting from 2025.
A new method of making carbon-free steel uses hydrogen and electricity created from renewable energy sources.
In order to reduce carbon footprint in the European steel sector, H2 Green Steel intends to make five million tons of fossil-free steel by the end of this decade and contribute its share.