Kingspan CEO Gene Murtagh Materials company Kingspan has announced an investment in H2 Green Steel, which manufactures steel using hydrogen. The insulation specialist is investing an undisclosed sum in the company and said in a statement that it expects to be a single-digit minority shareholder. Swedish-based H2 Green Steel is carrying out an equity fundraising round. H2 Green Steel’s production process replaces coke and coal with green hydrogen to achieve an almost totally CO2-free steel product. The hydrogen used in the process will be produced by electrolysis using electricity generated from hydropower and wind power at its production site in northern Sweden. According to the company, its process reduces CO2 emissions compared with that associated with traditional blast furnaces at steel makers by around 95 per cent.