SSAB to supply fossil-free steel for CorPower's wave energy plants

Sweden-based CorPower Ocean AB has entered into an agreement to explore the potential sourcing of fossil-free steel from SSAB (STO:SSAB-A) as a structural material to build a wave energy system.

SSAB said in a statement on Tuesday that it aims to deliver fossil-free steel to the market at commercial scale in 2026. That is also the year when CorPower Ocean expects to begin the integration of fossil-free steel in its commercial products.

According to Thomas Hornfeldt, vice president of the Sustainable Business at SSAB, the latter has been supplying high-strength steel for the wave energy firm’s technology for almost ten years now.

SSAB’s ultimate objective is to largely eliminate carbon dioxide (CO2) emissions from its operations in around 2030. The company is known as a participant in the HYBRIT initiative to develop a value chain for fossil-free iron and steel production alongside LKAB and Vattenfall.

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