Iberdrola and Swedish startup H2 Green Steel are to collaborate on developing a 1GW electrolysis facility for the production of green hydrogen for use in steel making, as Reuters reports. The partners are seeking a location either in Spain or Portugal to site the facility, with Iberdrola lining up €800 million (US$905 million) to spend on renewable power generation capacity to supply the electrolyser. Overall, the project is expected to come in at a price of €2.3 billion (US$2.6 billion), and the two companies are hoping that part of that money will come from the European Union, the rest coming from private sources. H2 Green Steel Chief Executive Henrik Henriksson believes that purchasers will be willing to pay 25% more for ‘green steel’ compared to carbon-intensive steel.