Hydnum Steel lands €150M from Spain's COFIDES for clean steel plant

What's the deal? Spanish steelmaker Hydnum Steel has secured a €150 million ($173 million) investment commitment from COFIDESDealroom has a profile for this one. Try Dealroom →, Spain's state-owned development finance institution. The funding supports construction of what is planned to be the Iberian Peninsula's first clean steel plant.

What's the endgame? Hydnum Steel aims to build a facility that replaces coal with clean processes in steelmaking. The COFIDES backing marks a significant step up in scale for the project.

Why now? Spain is pushing hard on renewables and hydrogen. In July 2026, renewables hit a 54.1% share of the country's electricity, and the government recently awarded €433.4 million for innovative renewables and storage projects.

The signal: State finance is increasingly flowing into industrial decarbonisation, not just power generation. Hydnum's raise shows governments betting on clean steel as the next front in Europe's energy transition.

Read more: Renewables Now

Image credit: Emiliano García-Page Sánchez