Insulation maker Kingspan has announced an investment in a “green steel” firm, as well as the intention to use it as a long-term supplier of its steel which would cut the company’s carbon emissions substantially. Kingspan is investing in H2 Green Steel (H2GS), a company pioneering new green production methods for steel manufacturing using hydrogen, in a Series A equity fundraising round due to close later this month. Production will commence in 2024, and by 2030 the plant will be producing 5 million tonnes of green steel annually. Moving to low emissions steel would see Kingspan reduce embodied carbon in its insulated panel products by about 45 per cent. Kingspan chief executive Gene Murtagh said: “The building industry is a major user of steel, and steel production is a major source of carbon emissions.

Source: The Irish Times April 23, 2021 06:45 UTC