Blastr Green Steel and Cargill Metals Sign MOU for Supply of Green Steel and to Advance Decarbonization of the Ferrous Supply Chain
PR98277
OSLO, Norway, Oct 17, 2022 /PRNewswire=KYODO JBN/ --
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.
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Under the Memorandum of Understanding ("MoU"), Blastr 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[1].
"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.
[1] Source: MineSpans
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 (
).
SOURCE Cargill, Inc.
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
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