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    • News.

    January 18, 2023

    Antti Kaikkonen appointed as Managing Director of Blastr Green Steel in Finland

    Antti Kaikkonen (MSc in Finance and Electrical Engineering) has been appointed as Managing Director of Blastr Green Steel Oy (Blastr) as of 1 March 2023. In this role, Antti will be responsible for, among others, building the local team and leading it in developing a green steel plant and an integrated hydrogen production facility in Inkoo, Finland.

    - I am excited to join the Blastr team on its journey to decarbonize the steel industry. In addition to contributing to accelerating the energy transition, the project will bring new jobs, positive benefits and well-being to the whole of Southwestern Finland. I look forward to developing the project in close dialogue with the local people, partners and stakeholders, said Antti Kaikkonen, incoming Managing Director of Blastr Green Steel Oy.

    Before joining Blastr, Antti worked for the leading Nordic energy company Fortum for nearly 19 years where he led large development projects for power-intensive industries in Finland with a strong focus on sustainability.


    - I´m very pleased to have Antti on our team. He brings us valuable experience in the Finnish energy industry and in decarbonizing their processes. With Antti on board, we will be able to further strengthen the good collaboration with our key partners, such as Fortum, said Hans Fredrik Wittusen, the CEO of Blastr Green Steel.


    For more information, please contact:
    General media inquiries regarding the Blastr Green Steel Project:
    Minna Sundelin, Communications Advisor to Blastr
    Fama Consulting Oy Ltd, +358 40 582 2750, minna@fama.fi

    Antti Kaikkonen, Managing Director, Blastr Green Steel Oy (1 March onwards), antti.kaikkonen@blastr.no, +358 50 453 6308

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    Antti Kaikkonen


    January 16, 2023

    Viktor Forss and Mikael Lindvall to join Blastr Green Steel

    We are pleased to announce the strengthening of the Management Team with appointment of Viktor Forss and Mikael Lindvall.

    Viktor Forss will join us as EVP Nordics on the 10th of April. He will focus on the development of our organization and our project portfolio with its needed infrastructure in the Nordics. Viktor brings Blastr his extensive experience in building businesses within the Renewable Energy sector across the Nordics. He currently works as Vice President Nordics at VEO.

    Mikael Lindvall will start as Chief Technology Officer on the 6th of February. Mikael, with his expertise in iron- and steel making, will be in a central role in managing the technology aspects in the development of our green steel production plant in Finland and pelletizing plant in Norway.

    Mikael has more than 15 years of working experience from the metal industry and is currently working as technology specialist and project manager at AFRY, in the global competence line for mining and metal industry.

    Mikael´s experience is highly valuable and relevant for Blastr due to his involvement in the development of other projects aiming for low-carbon emission steel production.

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    Viktor Forss

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    Mikael Lindvall


    Four-billion-euro investment planned into a green steel plant in Inkoo, Finland

    January 3, 2023

    Norwegian company Blastr Green Steel (Blastr) is planning to establish a green steel plant with an integrated hydrogen production facility in Inkoo, Finland. 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 Inkoo. The four-billion-euro investment is expected to create up to 1,200 direct jobs in the operations phase. The production is planned to start by end of 2026.

    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.

    Finland is an ideal location for our project. It has an ambitious low-carbon target, supportive and predictable operating conditions for the green industry, fossil-free energy, and a highly qualified workforce. Inkoo was selected as our location due to its high-quality infrastructure and access to clean power. In addition, the ice-free deep-sea harbor enables efficient, low-carbon logistics all year round and close access to the European market.
    Hans Fredrik Wittusen, CEO of Blastr Green Steel

    Blastr´s project will be among the largest industrial investments in Finland

    I´m extremely pleased that the site location has been now confirmed, as we have worked on this project for a long time. Blastr´s decision to locate in Inkoo is a proof of the competitiveness of the Finnish industry and infrastructure. Finland is an excellent place for carbon-neutral industry and production of decarbonized steel: We have a strong and reliable electricity grid, good conditions for producing emission-free energy and efficient logistics. The project will significantly further improve our competitiveness, deepening our expertise, and create plenty of jobs and well-being The project also contributes greatly to the climate and carbon neutrality goals of both Finland and the EU.
    Minister of Economic Affairs, Mika Lintilä

    The green steel plant together with the integrated hydrogen facility will be among the largest industrial investments planned in Finland to date.

    Blastr´s project will be one of the biggest industrial projects and potential employers in Finland. It is significant also for the entire European industry as an enabler of the green transition. Blastr´s arrival in Finland is a result of Nordic cooperation, strengthening it even further. On the same, the project accelerates the development of innovations related to the green transition together with other investments.
    Markku Kivistö, Head of Industry Cleantech, Invest in Finland at Business Finland

    Blastr aims to cut the CO₂ emissions of its end products by 95 percent

    The steel industry produces about eight percent of the world's CO₂ emissions due to the high amount of fossil fuels used to manufacture steel through conventional methods. Currently, one ton of steel produced creates about 1.9 tonnes of CO₂. Blastr will replace coke and coal with hydrogen in the chemical reduction phase, as well as reduce the CO₂ footprint along the entire value chain, with the aim of achieving 95 percent lower CO₂ emissions, compared to the conventional manufacturing process.

    The steel plant is planned to produce two and a half million tons of high-quality hot and cold-rolled green steel annually.



    We are dedicated to decarbonizing the steel manufacturing industry, as it is one of the largest global CO₂ emitters. With the green steel produced in Inkoo, we aim to reduce carbon emissions by 4.6 million tons of CO₂ per year compared to conventional methods, corresponding to the amount of emissions created by all passenger cars in Finland annually. We will systematically address all parts of the value chain to reduce overall carbon footprint, reduce waste and develop circular solutions. Furthermore, our ambition is to secure a significant share of our power needs from directly or indirectly owned wind parks, contributing through own investments and partnerships to advance clean energy production in Finland. We believe that our project will provide positive benefits for the region, and we will engage in an active dialogue and cooperation with the local community and other stakeholders.
    Hans Fredrik Wittusen, CEO of Blastr Green Steel

    Further information:

    Markku Kivistö, Head of Industry Cleantech, Invest in Finland, Business Finland,
    +358 50 486 2704, markku.kivisto@businessfinland.fi

    Salla Salovaara, Head of International PR and Media, Business Finland, +358 40 526 0100, salla.salovaara@businessfinland.fi

    General media inquiries regarding the Blastr Green Steel Project: Minna Sundelin, Communications Consultant, Fama Consulting Oy Ltd, +358 40 582 2750, minna@fama.fi

    Hans Fredrik Wittusen, CEO, Blastr Green Steel, +47 90 18 09 44, hfw@blastr.no

    Robert Nyman, Mayor of Inkoo, Municipality of Inkoo, +358 40 149 3762, robert.nyman@inga.fi


    Invest in Finland

    helps foreign companies identify business opportunities in Finland, produces information on Finland as an investment destination, and enhances and coordinates national efforts to attract investment by actively networking with regional and international entities. Invest in Finland also collects and updates information about foreign-owned companies in Finland. Invest in Finland is part of Business Finland.

    www.investinfinland.fi

    Business Finland

    is the Finnish government organization for innovation funding and trade, travel, and investment promotion. Business Finland’s over 760 experts work in over 40 offices globally and in 16 regional offices around Finland. Business Finland is part of the Team Finland network.

    www.businessfinland.fi
    Businessfinland.com

    Blastr Green Steel

    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. The company 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. Blastr was founded in 2021 and is part of Vanir Green Industries.

    www.blastr.no

    Vanir Green Industries (VGI)

    is a Nordic business builder and investment company that builds and scales leading, sustainable, robust, and profitable companies that will help accelerate the energy transition. VGI was founded by Tore Ivar Slettemoen, who also founded NYSE listed Freyr Batteries. In addition to Blastr, the VGI portfolio consists of Removr developing solutions for capturing and storing CO₂; Freija developing technology for producing green methane and Njordr focusing on onshore and offshore wind power projects. Njordr´s subsidiary Nordi develops renewable energy projects in Finland.

    www.vaniras.no

    The municipality of Inkoo

    is located in Uusimaa, 55 km west of Helsinki, along good transport links. The bilingual municipality has approximately 5,400 inhabitants. The level of education and employment of the population of Inkoo is good. According to Finnish entrepreneurs, the municipality is very entrepreneur-friendly. Due to its location and beautiful nature, Inkoo is also a very popular leisure municipality, where a significant number of leisure apartments are located.

    www.inkoo.fi

    Challenging the status-quo through developing local, decarbonized and scalable value chains for steel production.

    Blastr Green Steel was established in 2021 with the aim of becoming an integrated green steel producer leveraging Nordic advantages. By utilising local raw materials and fossil free energy and applying a circular economy thinking throughout the value chain, we aim to cut the CO2 emissions of our end products by 95%.

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    Blastr Green Steel and Cargill Metals sign MOU for supply of green steel and to advance decarbonization of the ferrous supply chain.

    OSLO, NORWAY, Oct 17, 2022

    Cargill’s metals business and Blastr Green Steel AS (“Blastr”), a developer of decarbonized steel supply, have agreed to work together to supply steel made without use of fossil fuels in the Nordic region to meet growing global demand for green steel. Both companies share an ambition to drive significant reductions of carbon emissions in the steel industry.

    Under the Memorandum of Understanding (“MoU”), Blaster and Cargill Metals plan to combine the skills of both companies to accelerate the development of projects that enable significant carbon savings to the global steel industry. Cargill Metals brings expertise in raw materials sourcing, and Cargill’s global capabilities in ocean transportation and logistics, as well as development of green products for market, risk management and financing facilities. Blastr contributes its industrial decarbonization expertise, entrepreneurial business skills, track record and access to capital within green energy and CO2 abatement. Blastr also brings regional knowledge of sites, opportunities and local support.

    Cargill’s ambition is to develop world leading projects in the green steel supply chain through the expedient development of initial production and then incrementally expand capacity based on market demand. Separately, independent market analysis suggests a market shortfall in supply, with global demand for low carbon steel likely to increase from below 5mt in 2021 to 200mt in 2030, with European demand increasing to nearly 40mt by that date, driven by automotive and construction sectors.

    “Solving the decarbonization challenge of the steel industry requires new and innovative partnerships,” said Lee Kirk, Managing Director, Cargill Metals, “We are thrilled to partner with Blastr and collaborate on bringing meaningful carbon reduction to this vital to abate sector. It brings us one step closer to our goal of shaping a responsible and sustainable ferrous supply chain that helps the world thrive.”

    "Ensuring the long-term supply of raw materials at required quantity and quality is crucial for providing green steel to the market with an absolute minimum of CO2 emissions through the entire value chain,” said Dag Moxnes, CEO at Blastr. “Cargill offers a unique combination of access to regional raw materials, expertise, network and logistics solutions, which brings us a long step closer to realizing our joint Nordic green steel project."

    The next phase of the cooperation will focus on final technology selection, access to green power, location and the final mix of products. Teams from Blastr and Cargill Metals will collaborate on sustainable supply chains, speed to market, technology risks and constraints, and on raising capital to finance the project development.

    For further information, contact:

    Dag Moxnes, CEO, Bastr Green Steel
    Phone: +47 905 28 622
    E-mail: dag.moxnes@blastr.no

    Bridget Christenson, Cargill
    Phone: +1 952 742 0052
    E-mail: bridget_christenson@cargill.com


    About Blastr

    Blastr aims to decarbonize the steel industry, by creating an integrated green steel producer leveraging Nordic advantages. By utilising local raw materials and fossil free energy and applying a circular economy thinking throughout the value chain, we aim to cut the CO2 emissions of our end products by 95%. We will establish production facilities in the Nordic Region, with its ambitious political energy transition agenda, deep ice-free ports giving access to the attractive European markets, and highly qualified workforce. The Blastr green steel project is expected to be one of the largest industry start-ups in the Nordic region.

    Blastr is founded and backed by Vanir Green Industries (“VGI”), a Nordic investment company that invests in, develops and scales green, robust and profitable businesses needed to accelerate the energy transition. VGI is established by Tore Ivar Slettemoen, one of the founders of Freyr Batteries (NYSE: FREY), and managed by a team of experienced professionals with deep industrial competence and a genuine drive to build a more sustainable future. Our focus areas are onshore and offshore wind development, carbon capture, usage and storage, energy storage and deep decarbonisation of existing industries.

    For more information, visit
    blastr.no

    About Cargill

    Cargill helps the world’s food system work for you. We connect farmers with markets, customers with ingredients and families with daily essentials—from the foods they eat to the floors they walk on. Our 155,000 team members around the world innovate with purpose, empowering our partners and communities as we work to nourish the world in a safe, responsible, sustainable way.

    From feed that reduces methane emissions to waste-based renewable fuels, the possibilities are boundless. But our values remain the same. We put people first. We reach higher. We do the right thing. It’s how we’ve met the needs of the people we call neighbors and the planet we call home for 157 years—and how we’ll do so for generations to come.

    For more information, visit
    Cargill.com and our News Center

    About Cargill Metals

    Headquartered in Singapore, Cargill’s metals business provides value-add services and solutions along the global ferrous supply chain. Combining over 150 years track record of risk management in global commodities markets with more than 40 years unique insights in the ferrous industry, we provide our customers the support they need to thrive. We connect iron ore miners around the world with steel mills in key markets and provide a broad range of services from technical marketing to customized risk management solutions along the supply chain including to end users of steel.

    With around 130 dedicated experts, an established global network and hubs in China, Singapore, U.K. and Vietnam to serve our customers, Cargill operates across over 25 ports and more than 50 warehouses globally, providing physical and financial solutions to over 2,500 customers in 40 countries. Each year we move around 50 million tons of physical iron ore and 6 million tons of physical steel globally.

    For more information, visit Cargill Metals or Cargill.com.

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