Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Industry News

| More

JSW and Coolbrook ink strategic cooperation agreement for industrial electrification technology to drive decarbonisation

Posted On: 2024-01-11 18:59:59 (Time Zone: IST)


JSW Group, India's leading and fastest expanding US$ 23 billion diversified business conglomerate, has entered into a strategic cooperation agreement with Coolbrook, a transformational technology and engineering company headquartered in Finland. This strategic partnership will focus on implementing Coolbrook's RotoDynamic Heater™ (RDH™) Technology at JSW's manufacturing sites at Vijayanagar Works in Karnataka, India, with the primary goal of achieving low-CO2 emissions in steel and cement production.

The partnership between Coolbrook and JSW Group follows Coolbrook's successful completion of the first phase of its large-scale pilot tests for RotoDynamic Technology at the Brightlands Chemelot Campus in the Netherlands in 2023. The tests demonstrated the technology's heat-generating capabilities, surpassing the temperature of 1000°C significantly above the range of conventional resistive heaters, and proving the technology's capability to reach temperatures up to 1700°C-essential for the highest temperatures required in steel production.

The joint initiative encompasses the planning and execution of a commercial demonstration project at the Vijayanagar Works, showcasing RDH™ technology. As part of the agreement, both companies will collaboratively devise a roadmap aimed at achieving low-carbon production, facilitating the phased rollout of RDH™ Technology of JSW Steel & Cement manufacturing processes.

PK Murugan, President - JSW Steel Vijayanagar & Salem Works signed the agreement on behalf of JSW and stated, "JSW Group has set ambitious sustainability targets of reducing its specific CO2 emissions, aligning with the Sustainable Development Scenario of the International Energy Agency and India's Nationally Determined Contributions. Deployment of RDH™ Technology is expected to have a sizeable impact on the decarbonisation of the Group's manufacturing process. We are happy to onboard Coolbrook as a partner on our journey to reduce CO2 emissions and achieve our climate targets."

Joonas Rauramo, CEO, Coolbrook, said: "Coolbrook's pilot test results have already proven the capabilities of our technology and deployment of RotoDynamic Heater technology in JSW Steel's production will demonstrate the impact of electrification with clean energy in steel manufacturing processes. Our patented electric technology enables significant decarbonization in steel production by reducing the need to burn fossil fuels. We are delighted to welcome JSW Steel to our partner network as a forerunner in the steel industry to start the implementation of Coolbrook's revolutionary technology enabling a Clean New Industrial Era."

RDH™ technology utilises renewable electricity to power high-temperature industrial processes in e.g. steel and cement production, significantly reducing the need to burn fossil fuels. In steel manufacturing, the technology targets the decarbonisation of manufacturing processes in traditional Blast Furnaces and the Direct Reduction of Iron (DRI) based production of iron and steel. This collaboration supports JSW Steel's commitment to accelerating decarbonisation and achieving the company's Net Zero aspirations.

Coolbrook's RDH™ Technology has the potential to reduce global CO2 emissions in heavy industries by 30%, equivalent to more than 2.4 billion tons annually, by replacing the burning of fossil fuels with electrification powered by renewable energy. The technology has two main applications: electrifying and decarbonising high-temperature process heating in the production of e.g., cement, steel and iron, and chemicals, and replacing fossil-fuel-fired steam crackers in petrochemical industry to reach 100% CO 2 free olefin production. Both technologies have been successfully tested at Coolbrook's large-scale pilot plant in 2023 and are on track for commercial launch starting in 2024.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

79% of Indians worry about Home Safety while on vacation

ReNew announces results for the Third Quarter and Nine Months of Fiscal Year 2024

AirAsia launches its signature Big Sale Campaign from INR0*base fare

Radisson Hotel Group strengthens footprint in Ayodhya with signing of 150-room Radisson Blu Hotel, Ayodhya

Mitsubishi partners with TVS Mobility to provide Integrated Vehicle Mobility solutions in India

International Conference on 'Advantage India Chemical Conclave 2024' to be organised on 23rd February 2024 Mumbai, India

Explurger Secures USD 4.5 Million in Series-A Funding Led by Affle

Blue Planet Boosts Circular Economy with a majority stake in Mahindra Waste to Energy

Tech-enabled pet care startup Supertails raised INR 125 crores in Series B funding

Inflection Point Ventures announces 14 exits from 2023 with IRR of 61%

Consumer Foods Brand 'Yu' raises INR 20 CR in Follow-on Series A Funding led by Ashish Kacholia and Asian Paints Promoter Group

EET Hydrogen to proceed into final negotiations with UK Government to develop low carbon hydrogen plant in Ellesmere

Essar Oil UK rebrands to EET Fuels

Tata Capital rolls out Education Loans, provides 100% financing of academics

Uber India is now Great Place To Work Certified

myBiz by MakeMyTrip announces partnership with Zoho

ReNew refinances US$ 325 Million debt three months ahead of maturity

ICAI Awards for Excellence in Financial Reporting 2022-23

Plans for UK's largest hydrogen production hub given green light

Radisson Hotel Group announces the opening of Park Inn by Radisson Ayodhya

Godrej Interio targets 42% revenues from its Good & Green product portfolio in FY24

Essar selects final technology partner for Essar Oil UK's Industrial Carbon Capture facility, onboarding all key technology providers

Serentica Renewables Secures Groundbreaking ECB Financing Worth INR 3500 crores for 530 MW Round-the-Clock Renewable Project in India

NSE inaugurates Investors Service Centre in Madurai with SEBI & BSE

Chennai based Multispecialty Hospital Chain Medway Hospitals raises $5m in a financing round led by Kyra Ventures

Accor Strengthens its Portfolio in India with the Signing of Grand Mercure Jaipur Kukas

UPI for Secondary Market

Tata AIA Flexi Growth Fund NFO window to close on December 31, 2023

Hinduja Renewables wins 140 MW solar power project in GUVNL tender

NABARD Empowers Rural Artisans by Supporting their Participation in Mahalaxmi Saras 2023-24

Air India Express Announces Exciting Sale on Domestic and International Flights

Aavishkaar Capital invests $1.45 Million in Jumps Auto Industries

Essar selects technology partner for Essar Oil UK's Industrial Carbon Capture facility paving way to reduce CO2 emissions by 1 million tons

Waaree Energies, India's Largest Solar Manufacturer To Build 3-Gigawatt Module Manufacturing Facility in Texas and Signed a Landmark Multi-Year Offtake Agreement

The Leela Palaces, Hotels and Resorts wins Best Hotel Group in India

ASICS India on an expansion spree

Swiggy partners with Simpl, Now Bangalore customers can order with 1 Click

Essar Oil and Gas Exploration and Production Ltd signs MoU with IIT Bombay to collaborate for R&D

NSE Celebrates India's First Ever Listing on Social Stock Exchange Segment by SGBS Unnati Foundation

Essar signs 3 MoUs with Gujarat Govt totaling Rs 55,000 Crore in Energy Transition, Power, and Ports Sectors

Niva Bupa Health Insurance Introduces 'Aspire', a product for Young India

Enabling SMEs to run their business more professionally, Tally Solutions launches TallyPrime 4.0

Indian mutual fund industry registers 21% YoY growth in Assets under Management in November 2023

Retail industry unites to celebrate and promote diversity, equity and inclusion at the EKAM Summit

94% of manufacturing employees agree that their company is actively trying to provide more flexible work arrangements for frontline workers - Survey Conducted by UKG

CoreEL Technologies secures $16 million funding from 360 ONE Asset Management Limited

WiseX launches Navratna Securitized Debt Instrument & lists on BSE

The Leela Palaces, Hotels and Resorts announces its foray into Northeast India

ReNew Signs MoU with Asian Development Bank for US$ 5.3 billion

Honeywell Launches World's First 100% Hydrogen-Capable Gas Meter


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020