JACKSON, Miss. and GULFPORT, Miss., March 25, 2024 (GLOBE NEWSWIRE) -- The U.S. Department of Energy (DOE) has selected Hy Stor Energy partner, SSAB, to enter federal funding negotiations for potential construction of a manufacturing facility capable of producing HYBRIT® fossil-free Direct Reduced Iron (DRI) with 100% green hydrogen, in Perry County, Mississippi. Under an exclusive LOI, Hy Stor Energy has agreed to supply SSAB with zero-carbon renewable hydrogen from its Mississippi Clean Hydrogen Hub (MCHH) in a direct offtake partnership.
The potential decarbonization project, led by SSAB, would bring the ironmaking technology of a global leader in green hydrogen-based steel production to the United States. Hy Stor Energy’s MCHH uniquely couples on-site, off-grid renewable hydrogen production and underground salt cavern storage to deliver 24/7, dispatchable renewable energy and long-duration energy storage that will enable continuous operation of SSAB’s project.
“Today’s announcement marks a milestone in U.S. DOE and industry progress and validates green hydrogen’s role in deep industrial decarbonization. We applaud the U.S. DOE for its bold leadership and SSAB for its continued aligned partnership,” said Laura L Luce, CEO and Founder. “The time for action is now and as industry first-movers we purposely seek out like-minded commercial partners and customers who, like us, are making the investment today to catalyze industry-wide transformation.”
The DOE announcement recognizes that the potential project could enhance SSAB Americas’ market-leading sustainability position, expand the Company’s product portfolio, and bring innovative jobs and new technologies to the state of Mississippi.
“SSAB is excited about the prospect of collaborating with the Department of Energy and Hy Stor Energy on this potential project. This represents a tremendous opportunity for our companies to contribute to America’s clean energy future. The environmental and community benefits associated with the SSAB and Hy Stor Energy collaboration to utilize green hydrogen and renewable energy align with our shared mission and values. We are optimistic and excited about the unlimited potential of this value chain partnership.” Chuck Schmitt, President SSAB Americas
About SSAB:
SSAB is a Nordic and US-based steel company that builds a stronger, lighter and more sustainable world through value added steel products and services. Working with our partners, SSAB has developed SSAB Fossil-free™ steel and plans to reinvent the value chain from the mine to the end customer, largely eliminating carbon dioxide emissions from our own operations. SSAB Zero™, a largely carbon emission-free steel based on recycled steel, further strengthens SSAB’s leadership position and our comprehensive, sustainable offering independent of the raw material. SSAB has employees in over 50 countries and production facilities in Sweden, Finland and the US. SSAB is listed on Nasdaq Stockholm and has a secondary listing on Nasdaq Helsinki. Join us on our journey! www.ssab.com, Facebook, Instagram, LinkedIn, X and YouTube.
About Hy Stor Energy:
Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing renewable hydrogen at scale. Its large, fully integrated projects will produce, store and deliver carbon-free renewable energy, providing customers with cost-efficient, and reliable renewable energy on-demand. Developed as part of a scalable integrated hub, these projects are the solution to 24/7, dispatchable renewable energy and long-duration energy storage of carbon and methane free energy. Made up of a team that has deep knowledge and significant long-term experience in infrastructure development and the energy sector, and led by energy storage industry and hydrogen technology expert Laura L. Luce, Hy Stor Energy is a pioneer in the renewable hydrogen revolution. For more information, please visit www.hystorenergy.com
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