Iberdrola, a Spanish power company and Sweden’s H2 Green Steel partner to finance a $2.6 billion project to develop a green hydrogen facility with an electrolysis capacity of 1 gigawatt on the Iberian Peninsula. Iberdrola will provide the green hydrogen and H2 Green Steel will use the facility to produce roughly 2 million tons of direct reduced iron each year, which can then be used to produce steel. A project of this scale is significant because according to the International Energy Agency, global installed electrolyzer capacity stood at just 0.3 GW in 2020. Iberdrola’s, Aitor Moso believes the plan has the potential to encourage the commercialization of larger, more sophisticated electrolyzers and increase competition in the green hydrogen market.