thyssenkrupp Steel receives €2bn funding for hydrogen-powered plant

Germany will formally approve €2bn in federal and state funding for thyssenkrupp Steel’s tkH2Steel decarbonisation project this week.

Robert Habeck, Germany’s Vice-Chancellor and Minister for Economic Affairs and Climate Action, confirmed the funding during a visit to thyssenkrupp Steel yesterday (July 26).  The company will stump up just short of €1bn and state government of North Rhine-Westphalia is contributing up to €700m of total funding.

With the EU Commission granting state aid approval last week, comprising a €550m ($616m) direct grant and €1.45bn ($1.6bn conditional payment mechanism, the final financial hurdle was cleared with the confirmation of the German government’s formal approval during an event marking the construction site of the future plant complex.

Read more: thyssenkrupp sweeps up €2bn of German support for hydrogen switch in steel production

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