EQS-News: Schaeffler AG: Schaeffler and H2 Green Steel intensify cooperation
EQS-News: Schaeffler AG
/ Key word(s): Alliance
Herzogenaurach/Stockholm | September 11, 2023 | Schaeffler, the motion technology company, and Swedish startup H2 Green Steel have decided to intensify their already close partnership. The two companies made the decision in the course of a recent equity funding round, in which Schaeffler agreed to invest a further 65 million euros, a significant increase that takes its total stake to 100 million euros. That’s the most equity Schaeffler has ever put into a minority stake in another company. As a strategic technology partner of H2 Green Steel, Schaeffler will channel its know-how into the development of new steel products, such as green e-steel for electromobility. In addition, the two companies will jointly develop new applications for the use of sustainable rolling bearing solutions in production. The aim is to maximize the efficiency of production through the use of first-rate components and integrated condition monitoring solutions. The two companies will also benefit from each other’s expertise in the areas of digitalization and circular economy. “Achieving sustainability across the entire value chain requires cooperation between strong partners who are willing to move forward together with commitment and determination,” Klaus Rosenfeld, Chief Executive Officer of Schaeffler AG, said. “Schaeffler and H2 Green Steel are both pioneers with true innovative power, and we are now synergizing these strengths even further. The increased capital stake and the strategic technology partnership follow the off-take agreement of 2021 as the next logical step as our two organizations seek to work together even more closely. Together, we are making a significant contribution to the global transformation of the steel industry and the reduction of CO2 emissions.” Green steel: Key lever for decarbonization Andreas Schick, Chief Operating Officer of Schaeffler AG, explained: “For Schaeffler, steel is the decisive lever for decarbonizing our supply chain. The partnership with H2 Green Steel takes us a long way towards our target of climate neutrality. We are proud to be the world’s first tier 1 supplier to be working with H2 Green Steel as a strategic technology partner. This is a sustainable, long-term investment in Schaeffler’s network for this vitally important category of materials.”
Schaeffler Group – We pioneer motion The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The motion technology company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 84,000 employees, the Schaeffler Group is one of the world’s largest family-owned companies. With more than 1,250 patent applications in 2022, Schaeffler is Germany’s fourth most innovative company according to the DPMA (German Patent and Trademark Office).
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11.09.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Schaeffler AG |
Industriestr. 1-3 | |
91074 Herzogenaurach | |
Germany | |
Phone: | 09132 - 82 0 |
E-mail: | ir@schaeffler.com |
Internet: | www.schaeffler.com |
ISIN: | DE000SHA0159 |
WKN: | SHA015 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1722605 |
End of News | EQS News Service |
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1722605 11.09.2023 CET/CEST
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