October 4, 2023 - Helsinki, Finland
Blastr Green Steel and Inkoo Shipping to cooperate in land and harbor development in Inkoo, Finland
The parties will optimize the efficiency and environmental footprint of the leading European ultra-low CO₂ steel project
Blastr Green Steel (Blastr) and Inkoo Shipping have signed a Letter of Intent (LOI) for cooperating in land and harbor development in Inkoo, Finland. According to the LOI, Blastr will utilize Inkoo Shipping's land area to further optimize the layout design of the planned ultra-low CO₂ steel plant in Inkoo. The companies will also jointly develop Inkoo Shipping’s harbor to enhance the handling of Blastr's in- and outbound sea cargo.
Inkoo Shipping area in Inkoo, Finland. Photo: Inkoo Shipping
"Our aim is to optimize the design of our planned ultra-low CO₂ steel plant and integrated hydrogen facility so that we can make the most of the industrial site already leveled, and thus reduce our environmental footprint. The use of the Inkoo Shipping area will allow us to do this, as well as streamline logistics within and outside the steel plant site," says Antti Kaikkonen, Managing Director of Blastr Green Steel Oy.
The port of Inkoo currently boasts 900 meters of quay. As part of the cooperation, the parties will develop a new quay with its size to be defined during the ongoing technical pre-feasibility study. This study will also determine the most suitable locations for a raw material terminal, an end-product terminal, and other new functionalities required for the future of the port. With its 13-meter-deep fairway, the port can accommodate large Panamax vessels, which is optimal for Blastr´s logistics.
"The construction of the new quay will have a significant impact on Inkoo Shipping and the entire region. Over the past decade, we´ve expanded our operations, consistently adding storage facilities and hangars almost every year. We firmly believe that the new quay and its associated areas will bring about numerous opportunities for our business development. Additionally, we believe that this collaboration will significantly contribute to the growth and progress of the municipality of Inkoo", says Thomas Bergman, Managing Director of Inkoo Shipping Oy Ab.
The total capex of the quay investment will be further assessed during the joint project development work. The final decision for the quay investment will be made following Blastr´s final investment decision on the implementation of its ultra-low carbon steel plant, targeted in 2025.
Blastr has recently made a framework agreement with Cargill which includes the development of environmentally friendly shipping and logistics solutions for the raw materials needed to produce ultra-low CO₂ steel in Inkoo.
For further information, contact:
Antti Kaikkonen, Managing Director, Blastr Green Steel Oy
Tel. +358 50 453 6308
antti.kaikkonen@blastr.no
Thomas Bergman, Managing Director, Inkoo Shipping Oy Ab
Tel. + 358 50 337 9780
thomas.bergman@inkooshipping.fi
About Blastr Green Steel
Blastr aims to decarbonize the steel industry, by creating an integrated green steel value chain leveraging Nordic advantages. By utilizing local raw materials and fossil-free energy and applying a circular economy thinking throughout the value chain, the company aims to produce 2.5 million tonnes of cost-competitive, ultra-low CO₂ steel, with ~90% lower scope 1-3 emissions than conventional steel production. 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. Blastr Green Steel will be one of the largest industry start-ups in the Nordic region. Blastr Green Steel is part of Vanir Green Industries.
For more information, visit blastr.noAbout Vanir Green Industries (VGI)
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.
For more information, visit vaniras.noInkoo Shipping Oy Ab/ Port of Inkoo
The Port of Inkoo is a privately owned, public commercial port. The annual turnover of the port is approximately two million tons, consisting entirely of tramp shipping. The port specializes in the storage and handling of dry goods in bulk. Its competitiveness is based on long experience, adequate storage facilities, and flexible handling of goods in bulk, together with the geographic location and good connections by sea and road.
For more information, visit www.inkooshipping.fi
September 01, 2023
Morten Blakstad Dahl joins Blastr Green Steel AS
as Vice President, Finance and Business Development
Morten Blakstad Dahl (MSc in Business) has been appointed Vice President, Finance and Business Development at Blastr Green Steel AS as of September 1, 2023. Morten will be focusing on Blastr’s equity and debt financing processes. He will also be responsible for business case modeling and developing Blastr´s financial controlling and reporting.
Morten joins Blastr from NG Group AS where he worked as Senior Vice President, Group Head of M&A. Having spent nearly a decade in the European business landscape, Morten has gathered extensive international experience and insight into M&A, business development, and financial analysis. He has a proven track record in both consultancy and corporate M&A positions where he actively contributed to various buying and selling transactions.
"We are delighted to welcome Morten on board at Blastr. His industrial background in building and developing value chains in the waste management industry, coupled with his passion for driving change, aligns perfectly with our company's mission and values," said Blastr Green Steel CEO Hans Fredrik Wittusen.
"I am thrilled about the chance to be a part of the Blastr team that is genuinely committed to making an impact and a tangible change by revolutionizing the traditional steel value chain that has remained the same for decades," said Morten Blakstad Dahl.
For more information, please contact:
Minna Sundelin, Communications Advisor to Blastr Green Steel
Fama Consulting Oy Ltd, +358 40 582 2750, minna@fama.fi
Morten Blakstad
August 28, 2023
Blastr Green Steel´s steel plant project progressing in Inkoo - the environmental impact assessment procedure launched.
The environmental impact assessment (EIA) procedure for Blastr Green Steel´s green steel plant has been launched, the zoning of the site is progressing, and the pre-feasibility study is nearing completion.
Blastr Green Steel (Blastr) is planning a direct reduced iron (DRI-EAF) steel plant with an integrated green hydrogen production facility producing two and a half million tonnes of ultra-low CO₂ steel in Joddböle, Inkoo. The plant’s EIA programme, a plan for making the environmental impact assessment procedure and the necessary studies associated with it, is currently on public display for comments until September 19, 2023. Until then, the authorities as well as local residents, associations and other interested stakeholders can participate in the procedure by providing formal feedback to the Uusimaa Regional Development Centre (ELY Centre), acting as the coordinating authority. The EIA consultant for the project is AFRY Finland Oy.
"The preparation of the EIA programme has been a huge task, involving a wide range of experts from different fields. We have discussed the content extensively with various authorities, local organisations and other stakeholders, and taken their feedback into account in it. We are now inviting all stakeholders interested in our project to comment on the EIA programme during its public consultation", says Antti Kaikkonen, Managing Director of Blastr Green Steel Oy.
The EIA programme forms the basis for the actual impact assessment, which is due to be completed in the spring of 2024. "Our project is progressing as planned also in other areas. Inkoo municipality is working on the zoning of our over 200-hectare site, and we have good cooperation with them and the landowners. Engineering is going forward, and the pre-feasibility studies are nearing completion. We aim to select next-phase engineering partners and suppliers for the steel plant and the hydrogen facility during the next months." Kaikkonen continues.
In July, Blastr signed a framework agreement with Cargill, covering several areas of Blastr's integrated value chain. Under the agreement, Cargill will, among other things, supply iron ore for Blastr´s planned pellet plant producing feedstock to the steel plant in Inkoo and be responsible for the purchase and sale of ultra-low CO₂ steel products and logistics. This integrated value chain has the potential to reduce Scope 1-3 C0₂ emissions* per tonne of steel by more than 90% compared to conventional steel production. Cargill also committed to a US$10 million equity investment in Blastr's ongoing Series A financing round, which is expected to close towards the end of this year. The Inkoo investment, when actualized, will be approximately €4 billion and will directly employ 1,200 people and indirectly two to three times as many.
A public meeting of Blastr´s EIA programme, open to all, will be held on Tuesday, August 29, 2023, from 18-20 at the Hembygsgården in Inkoo, Urheilutie 1, 10210 Inkoo.
*Scope 1 emissions are direct emissions that a company causes by operating the things that it owns. Scope 2 emissions are indirect emissions created by the production of the energy that an organization buys. Scope 3 emissions are those indirect emissions that are not produced by the company itself but cover those produced by customers using the company´s products or those produced by suppliers making products that the company uses. (Source: World Economic Forum).
For further information, contact:
Antti Kaikkonen, Managing Director, Blastr Green Steel Oy
Tel. +358 50 453 6308
antti.kaikkonen@blastr.no
About Blastr Green Steel
Blastr aims to decarbonize the steel industry, by creating an integrated green steel value chain leveraging Nordic advantages. By utilizing local raw materials and fossil-free energy and applying a circular economy thinking throughout the value chain, the company aims to produce 2.5 million tonnes of cost-competitive, ultra-low CO₂ steel, with ~90% lower scope 1-3 emissions than conventional steel production. 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. Blastr Green Steel will be one of the largest industry start-ups in the Nordic region. Blastr Green Steel is part of Vanir Green Industries.
For more information, visit blastr.noAbout Vanir Green Industries (VGI)
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.
August 24, 2023
Blastr Green Steel to explore pellet plant site in Norway to optimize integrated decarbonized steel value chain.
Blastr Green Steel (Blastr) has signed a Letter of Intent (LOI) with Lutelandet Offshore Site & Drydock and Htwo-Fuel to explore Lutelandet on the west coast of Norway as an alternative location for Blastr’s pellet plant, supplying feedstock to its ultra-low CO2 steel plant being developed in Inkoo, Finland.
Lutelandet Industrial site and harbour. Photo: LLOF
Blastr has selected Lutelandet industrial area on the west coast of Norway, as a potential location to be developed for the company’s pellet plant for converting iron ore pellet feed into direct reduction pellets (DR pellets). The LOI announced today includes an area sublease agreement between Blastr and Lutelandet Offshore Site & Drydock (LLOF), and cooperation between Blastr and Htwo-Fuel to secure grid and power capacity. The plant will employ around 120 people and generate a substantial number of indirect jobs and economic activity in the surrounding area.
The pellet plant is a key part of Blastr’s integrated green steel value chain which has the potential to deliver more than 90% reduction of Scope 1-3 C0₂ emissions compared to conventional steelmaking. Blastr’s integrated value chain currently being developed will enable a unique, profitable business model with a record low CO₂ footprint for industrial-scale steel production and a platform for further growth.
Lutelandet is a highly attractive site for the production of feedstock to our steel plant with industrial infrastructure already in place, access to a North Sea deepwater port, and clean renewable energy from hydropower and nearby wind farms,” commented Hans Fredrik Wittusen, the CEO of Blastr Green Steel. “We look forward to cooperating with our site partners and the surrounding community to further develop the Lutelandet option in order to accelerate the implementation of our pellet plant and optimize our integrated value chain for ultra-low CO₂ steel products.”
“Blastr is a great fit for Lutelandet and will accelerate the development and cooperation between new green industries at our site. A pellet plant of this type and scale brings new competence, jobs, and significant investments to Lutelandet and the region. It also fosters synergy potential for collaboration among different industrial initiatives co-located in the area,” commented Tor Gjertsen, Chairman of LLOF Site & Drydock.
Blastr aims to produce 6 million tonnes (Mt) annually of high-quality DR pellets as feedstock for its ultra-low CO2 steel plant planned in Inkoo, Finland. Approximately half of the pellet volumes will go “to its Inkoo steel plant, while the rest will be sold to Cargill Metals for distribution to the growing world market for DR pellets.
In July, Blastr signed an LOI with Redcar Bulk Terminal (RBT) at Teesside, United Kingdom, as another potential location for the pellet plant. By considering two sites in parallel, Blastr maintains optionality during the development process to optimize the value chain.
Blastr will work closely with its partners and relevant stakeholders at both Lutelandet and Teesside before making a final site selection, targeted by the end of 2023, and immediately followed by detailed engineering and permitting processes. The final investment decision for the pellet plant is expected in 2025, with estimated investments of over EUR 1 billion, subject to relevant permits and agreements. The target for production to start is in 2027.
For further information, contact:
Hans Fredrik Wittusen, CEO, Blastr Green Steel
Tel. +47 901 80 944
hfw@blastr.no
About Blastr Green Steel
Blastr aims to decarbonize the steel industry, by creating an integrated green steel value chain leveraging Nordic advantages. By utilizing local raw materials and fossil-free energy and applying a circular economy thinking throughout the value chain, the company aims to produce 2.5 million tonnes of cost-competitive, ultra-low CO₂ steel, with ~90% lower scope 1-3 emissions than conventional steel production. 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. Blastr Green Steel will be one of the largest industry start-ups in the Nordic region. Blastr Green Steel is part of Vanir Green Industries.
For more information, visit blastr.noAbout Vanir Green Industries (VGI)
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.About LLOF Site & Drydock (LLOF)
LLOF develops and manages the Lutelandet industrial site and harbor. In addition, the company focuses on logistic activities towards the renewable market in the offshore industry. As part of the development of the large green hub, LLOF also leases land to industrial businesses that will work together in an industrial symbiosis, as well as develop the harbor and its services. For further information, visit www.lutelandetoffshore.comAbout Htwo-Fuel
Established in 2021, HTWO-Fuel AS aims to make hydrogen available as fuel for maritime shipping traffic along the west coast of Norway and produce green ammonia. The company´s objective is to be the preferred supplier of climate-friendly fuel to consumers who make an early commitment and establish themselves in a market that is investing commercially in the transition to reduce emissions.
August 14, 2023
Blastr Green Steel CEO Hans Fredrik Wittusen discusses with Lars Eirik Nicolaisen, Deputy CEO at Rystad Energy at Rystad Talks Industry webinar how hard-to-abate industries, such as steel can be made green. What role does geography play, what is Blastr’s solution to decarbonize the steel industry, and which factors will make its ultra-low COշ steel the most cost-competitive with the lowest COշ footprint?
Duration of the discussion: 17 min.
July 10, 2023
Blastr Green Steel signs a Letter of Intent with Redcar Bulk Terminal to explore the development of a pellet plant in Teesside, UK
Blastr Green Steel (Blastr) has signed a Letter of Intent (LOI) with Redcar Bulk Terminal (RBT) at Teesside, United Kingdom, to explore the opportunity for RBT becoming the location for Blastr´s pellet plant for supplying feedstock to its steel plant being developed in Inkoo, Finland.
Redcar Bulk Terminal Limited
Redcar Bulk Terminal port, Teesside, UK, has been selected as a potential location to be developed for Blastr’s pellet plant for converting iron ore pellet feed into direct reduction pellets (DR pellets). Blastr will produce 6 Mt high-quality DR pellets as feedstock for Blastr´s ultra-low CO2 steel plant planned in Inkoo, Finland. Approximately half of the pellet volumes will go to Blastr’s steel plant at Inkoo, while the rest will be sold by Cargill Metals for distribution to the growing world market for DR pellets.
Blastr has previously announced it was exploring Gildeskål municipality in Norway as location for its pellet plant. This option has stalled after the Norwegian grid authority confirmed that Blastr will be unable to receive the grid capacity in the required time frame. Blastr, therefore, continues to explore alternative locations for its pellet plant in both Norway and the UK.
Blastr Green Steel CEO Hans Fredrik Wittusen commented: ‘’RBT is an attractive location, offering access to a deep-water port, good grid connection, and access to the required utilities. The Teesside industrial region offers potential synergies with companies developing green industries, including near-term projects to expand offshore wind, hydrogen, and the development of the Net Zero Teesside industrial cluster.’’
Blastr plans to decide on the pellet plant location during the second half of 2023 to enable detailed engineering and permitting to commence. Blastr expects to make the final investment decision for the plant, estimated at over £1 billion, in 2025, subject to relevant permits and agreements, with a tentative plan to start operations in 2027. The plant and port operations will employ approximately 150 persons, in addition to providing significant indirect employment opportunities and economic benefits for the Teesside region.
Shaun Casey, General Manager of RBT said: “RBT is keen to attract the project to our site which is directly adjacent to the port. We see an opportunity to bring highly skilled jobs and regeneration to the area through the construction of a modern pellet plant and the redevelopment of the port.’’
Jerry Hopkinson, PD Ports Executive Chairman commented: “This project sits right at the heart of the green revolution currently taking place as the world develops cleaner manufacturing processes for fundamental commodities such as steel. PD Ports is looking forward to working with and supporting Blastr, RBT, and Cargill to seek to bring this huge investment to Teesside.”
Tees Valley Mayor Ben Houchen said: “The decision by Blastr to shortlist the Redcar Bulk Terminal site in Teesside as a potential location for its pellet plant is exciting news. This could be the catalyst for Teesside to attract new low-CO2 iron and steelmaking and shows how we are working hard to put in place the building blocks for a future of green steel industry in the region. This announcement is the culmination of a huge amount of work to make this happen and I look forward to supporting Blastr further to help bring high skilled jobs to the region. “
Blastr and RBT will be working with Cargill on developing the pellet plant in line with the framework agreement between Blastr and Cargill announced on July 4. This agreement covers the supply of iron ore to the pellet plant, offtake and sales of DR pellets and ultra-low CO2 hot briquetted iron (HBI) and steel products as well as other services.
For further information, contact:
Hans Fredrik Wittusen, CEO, Blastr Green Steel
Tel. +47 901 80 944
hfw@blastr.no
About Blastr Green Steel
Blastr aims to decarbonize the steel industry, by creating an integrated green steel value chain leveraging Nordic advantages. By utilizing local raw materials and fossil-free energy and applying a circular economy thinking throughout the value chain, the company aims to produce 2.5 million tonnes of cost-competitive, ultra-low CO₂ steel, with ~90% lower scope 1-3 emissions than conventional steel production. Blastr Green Steel will be one of the largest industry start-ups in the Nordic region. Blastr Green Steel is part of Vanir Green Industries.
For more information, visit blastr.noAbout Vanir Green Industries (VGI)
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 Battery. 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 developing onshore and offshore wind power projects.About Redcar Bulk Terminal
Redcar Bulk Terminal Limited operates a deep-water terminal on the South bank of the River Tees, capable of handling Cape Size vessels with drafts up to 17 metres. The riverside quay is equipped with one gantry crane, with both bulk and hook capability, offering bulk discharge rates in excess of 20,000 tonnes per day. The adjacent 325-acre Terminal is HMRC approved and is part of the Teesside Freeport. The terminal offers the rapid loading of rail freight traffic and enjoys direct access to both the UK rail and road networks with links to the A66, A19 and A1(M). The terminal offers 24/7 working which is provided by its own flexible and highly motivated staff. Visit www.redcarbulkterminal.co.ukPD Ports
PD Ports is the owner, operator, and statutory harbour authority for the Port of Teesport and Hartlepool. It is headquartered in Middlesborough, operates at 12 locations in the UK, and employs around 1500 people connecting inbound and outbound cargo with the rest of the world.
Oslo, Norway, 4th July, 2023
Blastr Green Steel and Cargill sign a pioneering framework agreement to accelerate the radical decarbonization of the steel value chain.
Blastr Green Steel AS (“Blastr”), a leading developer of ultra-low CO₂ steel products, and Cargill, a leading player along the global ferrous supply chain, have today signed a strategic framework agreement (the “Agreement”) reflecting a strong joint commitment to realize the Blastr Green Steel Project to radically decarbonize steel production. The Agreement covers multiple parts of Blastr’s integrated value chain, including supply of iron ore, offtake, products sale, logistics, and financial services, as well as a USD 10 million equity commitment by Cargill in Blastr’s planned Series A financing round.
The Agreement builds on the close relationship developed between Cargill and Blastr over the past year, centered on Blastr’s plan for an integrated green steel value chain which has the potential to deliver more than 90% reduction of Scope 1-3 C02 emissions* per tonne of steel. It will enable a unique, profitable business model with a record low CO₂ footprint for industrial-scale steel production and a platform for further growth. Blastr is initially developing a 6 million tons (Mt) DR-grade pellets plant and a 2.5 Mt direct reduced iron (DRI-EAF) steel plant with own green hydrogen production.
The Agreement covers the supply of iron ore to the Blastr Pellet Plant, offtake and selling of Direct Reduction (DR) pellets, Hot Briquetted Iron (HBI) and ultra-low CO₂ steel products, scrap sourcing, green shipping and logistical solutions, and working capital and risk management services.
"Today’s Agreement demonstrates our shared ambition of realizing Blastr Green Steel vision to enable significant reductions of CO₂ emissions along the steel value chain. We are very pleased to further strengthen our collaboration with Cargill and enter into a long-term strategic collaboration, with them also becoming a shareholder. Cargill’s access to raw materials and end-customers, combined with innovative trading, shipping, and offtake solutions, bring us a giant leap forward in realizing green steel production at scale”, says Blastr Green Steel CEO, Hans Fredrik Wittusen.
As part of the Agreement, Blastr and Cargill have signed a convertible loan agreement for USD 3 million, which brings the Cargill equity investment in Blastr´s Series A financing, planned for the second half of 2023, to a total of USD 10 million. Cargill will further support Blastr in developing and commercializing ultra-low CO₂ steel products for the European market, and the Parties will continue to apply their respective capabilities to accelerate the development of Blastr Green Steel.
Lee Kirk, Managing Director, Cargill Metals commented, “Cargill is pleased to be partnering with Blastr on the development of this transformational project. This Framework Agreement across the supply chain is a significant step forward to provide solutions to our customers and a demonstration of Cargill’s commitment to accelerate the development of new process routes that will enable the transition to a steel industry with lower CO₂ emissions and high ESG credentials. Cargill will be working with Blastr across the supply chain from raw materials to steel enabling the development of transparent certified supply chains and creating strategic flows to steel end customers in the growing green steel segment of the market. This brings us one step closer to our goal of shaping a responsible and sustainable ferrous supply chain that helps the world thrive.”
Over the next few months, Cargill and Blastr will finalize definitive agreements, covering the areas included in the strategic collaboration, while continuing to work closely together to realize the shared ambition of bringing ultra-low CO₂ steel to global customers.
For further information, contact:
Hans Fredrik Wittusen, CEO, Blastr Green Steel
Tel. +47 901 80 944
hfw@blastr.no
Bridget Christenson, Director, Media Relations and Issues Response, Global Communications, Cargill
Tel. +1 952 742 0052
bridget_christenson@cargill.com
*Scope 1 emissions are direct emissions that a company causes by operating the things that it owns. Scope 2 emissions are indirect emissions created by the production of the energy that an organization buys. Scope 3 emissions are those indirect emissions that are not produced by the company itself but cover those produced by customers using the company´s products or those produced by suppliers making products that the company uses. (Source: World Economic Forum).
About Blastr Green Steel
Blastr aims to decarbonize the steel industry, by creating an integrated green steel value chain leveraging Nordic advantages. By utilizing local raw materials and fossil-free energy and applying a circular economy thinking throughout the value chain, the company aims to produce 2.5 million tonnes of cost-competitive, ultra-low CO₂ steel, with ~90% lower scope 1-3 emissions than conventional steel production. 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. Blastr Green Steel will be one of the largest industry start-ups in the Nordic region.
For more information, visit blastr.noAbout Vanir Green Industries (VGI)
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.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 160,000 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 neighbours 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 150 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.
June 19, 2023
Blastr Green Steel strengthens its Management Team with the appointment of EVP Project Execution, Rolf M. Normann
Rolf Normann (MSc in Mechanical Engineering) has been appointed as Executive Vice President (EVP) of Project Execution as of June 19, 2023. In this critical position, Rolf will be responsible for overseeing the plant structures and developing dedicated teams to design and build the planned ultra-low CO₂ steel plant in Finland and the pellet plant in Norway, respectively.
Before joining Blastr, Rolf has led complex multi-national projects within the renewable energy, marine, offshore, and oil & gas sectors. His appointment reinforces Blastr´s commitment to excellence in project execution.
"With Rolf´s extensive experience in managing challenging large-scale projects and a proven track record in delivering outstanding results, I´m confident that he will ensure successful project execution for Blastr in our quest to produce ultra-low CO₂ steel. I wish Rolf warmly welcome to our team, says Hans Fredrik Wittusen, CEO of Blastr Green Steel."
In his role, Rolf will develop high-performing internal teams and strong supplier relationships to ensure that Blastr’s plant projects will be delivered safely on time, within budget, and to the highest quality standards.
"This is the perfect timing to join Blastr and seamlessly continue building upon the excellent work accomplished thus far and continue careful planning and preparations of both projects. I´m thrilled to join the team and will utilize my experience to secure smooth project delivery in a true green shift venture with Blastr, says Rolf M. Normann, EVP Project Execution at 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
Rolf M. Normann
May 16, 2023
Maria Lundell (Master of Arts) will join the Blastr Green Steel Management Team as EVP People & Culture at Blastr Green Steel as of August 1, 2023.
In her role, Maria will drive Blastr´s organizational development by building a sustainable culture. This includes developing and implementing strategies to attract, retain, and engage talent that shares the company's values and identifies with Blastr´s purpose to contribute to a sustainable future and a healthier planet.
“I´m very pleased to have Maria join our leadership team. With her deep experience in developing HR functions in international organizations, she´s a perfect fit to lead efforts to create a diverse and inclusive workplace culture based on our values of innovativeness, transparency, dependability, and challenging the status quo. With Maria leading our people and culture initiatives, I`m confident that we will be able to attract and retain top talent and create a workplace culture that supports our mission”, says Hans Fredrik Wittusen, CEO of Blastr Green Steel.
Maria joins Blastr from Stora Enso Oyj where she has served as SVP, People & Culture in the Paper Division since 2017.
“I am excited to join the Blastr team on its journey to decarbonize the steel value chain and be a part of its sustainable, valuable growth story. This is a fantastic opportunity to develop something new in a highly talented team. I would like to thank Hans Fredrik for trusting me and for the possibility to be involved in this dynamic undertaking”, says Maria Lundell.
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
Maria Lundell
May 15, 2023
Birgitte Jourdan-Andersen appointed as Vice President of Legal and Compliance
Birgitte Jourdan-Andersen (Cand Jur, LLM on Energy and Environment Law from University of Leuven and LLM of European Legal Studies from College of Europe) has been appointed as Vice President of Legal and Compliance as of June 5 2023.
Birgitte has worked for 23 years with energy, environment and climate policy/legislation in different EU/EEA institutions, the renewable business, and as a Partner in one of the biggest Nordic law firms. Regulatory oversight and ESG will be of essence in building the production of green steel and the value chain of Blastr.
- I am so excited to be part of Blastr. When I came into contact with this company, I saw my whole professional life in a film where I could use the expertise I have obtained in developing, funding, and regulating renewable energy and green industry with my in-depth knowledge of ESG, says Birgitte Jourdan-Andersen.
- We are very happy to have Birgitte joining the Blastr team. Her skills and experience will be fundamental for the success of Blastr, in a market environment where regulations, ESG, taxonomy and soft funding are key ingredients for ensuring compliance and value creation, says Hans-Fredrik Wittusen, CEO of Blastr Green Steel.
Birgitte will join Blastr from being a Partner in Schjødt where she advised clients on regulations and business strategies regarding the Green Transition, working both in the Energy and the Compliance Department. Prior to Schjødt, Birgitte was employed by the EFTA Secretariat, DG Energy, the EFTA Surveillance and the Head of the Brussels office of Energy Norway/Renewable Norway (Energi Norge/Fornybar Norge). She started her career as a lawyer in the law firm Arntzen de Besche.
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
Birgitte Jourdan-Andersen
March 9, 2023
Blastr expands green steel value chain to Norway
Blastr Green Steel plans to invest in an iron ore pellet plant in Gildeskål municipality in Northern Norway. The plant will supply the company’s recently announced green steel plant in Inkoo, Finland.
“The world needs massive amounts of steel. However, the traditional coal-based processes make steel production one of the main sources of greenhouse gas emissions. The steel industry accounts for about 8 percent of global CO2 emissions, as one ton of steel produced creates around 2 tons of CO2. The decarbonizing of steel production is a key enabler for the green transition, says Hans Fredrik Wittusen,” CEO of Blastr Green Steel.
The planned facility in Gildeskål will convert iron ore pellet feed into so-called high-quality direct reduction pellets, which are used as raw material for green steel production. The power needed for the process will be based on hydropower, and Blastr is now in discussions about long-term power contracts. The location is considered beneficial as it provides an ice-free harbour with easy access to seaborne iron ore from the Norwegian Sea.
The plant will provide 120 jobs when operational, in addition to significant indirect employment opportunities and economic effects for the municipality and the region. The investment in Gildeskål is estimated at more than EUR 1 billion.
Large-scale project for Nordic green industry
The pellet plant in Gildeskål will supply raw materials for Blastr’s planned green steel plant in Inkoo, Finland, where coal is replaced by green hydrogen in the steel production process. In total, this will be one of the largest industrial projects in the Nordic region. Pellets from the Gildeskål site will be a key part of Blastr’s green steel value chain, where the aim is to reduce CO2 emissions from steel production by 95 per cent.
“Our planned pellet plant in Gildeskål will supply Blastr’s production of low-carbon steel in Finland as well as a significant and growing world market for direct reduction pellets. Therefore, this project will be an important contributor to decarbonizing global steel production,” says Wittusen.
A final investment decision is expected in 2025, subject to relevant permits and agreements. The plant is tentatively planned to start production in 2028.
For more information, please contact:
CEO Hans Fredrik Wittusen, +47 90 18 09 44, hfw@blastr.no
3D of pellet plant in Gildeskål
Hans Fredrik Wittusen, CEO Blastr Green Steel
Photo: Foto Bakery
March 8, 2023
Carina Hedberg to join Blast Green Steel Oy as Head of Business Development and Sustainability
Carina Hedberg (Executive MBA, MSc Business and Economic) has been appointed as Head of Business Development and Sustainability at Blastr Green Steel Oy as of 1 April.
Carina has a strong track record in various business disciplines that combines new business development, green finance, and sustainability. These are all necessary areas in setting up Blastr´s Finnish operations and developing a green steel plant and an integrated hydrogen production facility in Inkoo, Finland.
- I´m thrilled to join the Blastr team on its journey to accelerate the transition to decarbonized steel. As a resident in Inkoo I look very much forward to working towards the actualization of this project that will bring new jobs and well-being to Inkoo as well as more broadly to the whole of Finland, says Carina Hedberg.
- We are delighted to have Carina on board and to have her join the growing Blastr team at an early stage of the project. Her versatile skills will support the building of the Blastr organization in Finland and the ramp-up of its operations. Carina will also play an important role in engaging with our local stakeholders, says Antti Kaikkonen, Managing Director of Blastr Green Steel Oy.
Carina will join Blastr from Greenstep where she has worked as Senior Advisor, Sustainability. She has further gained experience as a partner in KPMG, CFO in Tammet and finance advisor in the Ministry for Foreign Affairs of Finland.
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
Carina Hedberg
February 20, 2023
Sten Ångström appointed as Principal Metallurgist
We are pleased to announce another key appointment in our team: Sten Ångström has joined Blastr Green Steel as Principal Metallurgist as of 20 February 2023. He will have a key role in developing the green steel plant in Inkoo evaluating its equipment and processes.
Sten (MSc in Metallurgical Engineering) has over 40 years of experience in the steel industry, working in various positions at Swerim (former MEFOS), SSAB, OVAKO, DANIELI, and Primetals (former SIEMENS-VAI). His focus has been on steelmaking, R&D, production, project development studies, investment projects, and commissioning. As a metallurgical expert, Sten brings Blastr his deep insight into both equipment suppliers and steel plant operators. Sten is based in Sweden and will be reporting to CTO Mikael Lindvall.
Sten Ångström
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
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.
Viktor Forss
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.
Blastr´s project will be among the largest industrial investments in Finland
The green steel plant together with the integrated hydrogen facility will be among the largest industrial investments planned in Finland to date.
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.
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%.
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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