Blastr Green Steel, a developer of ultra-low CO2 steel products, and Cargill, a ferrous supply chain supplier, have signed a strategic framework agreement, including the supply of iron ore, offtake, logistics, and financial services, as well as a $10 million equity commitment by Cargill in Blastr’s planned Series A financing round.
The agreement covers the supply of iron ore to the Blastr Pellet Plant, offtake and selling of Direct Reduction (DR) pellets, Hot Briquetted Iron (HBI) and ultra-low CO2 steel products, scrap sourcing, green shipping and logistical solutions, and working capital and risk management services.
''Cargill’s access to raw materials and end-customers, combined with innovative trading, shipping, and offtake solutions, bring us a giant leap forward in realizing green steel production at scale.”
Hans Fredrik Wittusen, Blastr Green Steel CEO
"Today’s agreement demonstrates our shared ambition of realizing Blastr Green Steel vision to enable significant reductions of CO2 emissions along the steel value chain. We are very pleased to further strengthen our collaboration with Cargill and enter into a long-term strategic collaboration, with them also becoming a shareholder. Cargill’s access to raw materials and end-customers, combined with innovative trading, shipping, and offtake solutions, bring us a giant leap forward in realizing green steel production at scale”, commented Blastr Green Steel CEO, Hans Fredrik Wittusen.
''This brings us one step closer to our goal of shaping a responsible and sustainable ferrous supply chain that helps the world thrive.”
Lee Kirk, managing director, Cargill Metals
Lee Kirk, managing director, Cargill Metals, said: “Cargill is pleased to be partnering with Blastr on the development of this transformational project. Cargill will be working with Blastr across the supply chain from raw materials to steel enabling the development of transparent certified supply chains and creating strategic flows to steel end customers in the growing green steel segment of the market. This brings us one step closer to our goal of shaping a responsible and sustainable ferrous supply chain that helps the world thrive.”
