Our projects
Revolutionising Steel. Cutting CO₂
Inkoo Steel plant
BGS is developing a green iron (DRI/HBI) production facility in Inkoo, Finland, supporting the decarbonisation of the European steel industry. The project’s environmental impact assessment (EIA) and land-use planning processes have been completed, and environmental permitting for the first phase is now underway.
Backed by a consortium of Finnish and international investors, including the Finnish state-owned investment company Tesi alongside Vanir Green Industries, Ecolab, Cargill, INTERFER Group GmbH, Aurora Infrastructure, Security Trading and Onvest, the project has been recognised as strategically important to Finland. By combining Finland’s renewable energy resources with hydrogen-based production technologies, the facility aims to strengthen European supply security and provide a sustainable source of green iron for European steelmakers.
Once operational, the project is expected to create approximately 250 direct jobs and up to 1,000 indirect jobs, supporting regional economic growth and reinforcing Finland’s role in clean industrial development.
Why Inkoo?
The Inkoo site offers several strategic advantages
Key strategic benefits
Grid & Power
The Finnish TSO’s main grid substations (400 kV and 110 kV) are located directly at the site, providing a robust and strong grid connection to meet the substantial energy needs for green iron and steel making. Finland has a massive amount of renewable power projects in its development pipeline, and Blastr has preliminary agreements with power utilities and renewable energy developers to supply our needs in Inkoo.
Logistics
A deep, ice-free harbor enables efficient, low-carbon transport of materials and products year-round.
Market Access
Ideal proximity to the rapidly growing European market for green industrial products.
De-risked Development
Blastr has completed a comprehensive Environmental Impact Assessment (EIA) and secured land use planning approvals that cover the full scope of a fully integrated green steel plant, providing a solid regulatory foundation for the project’s seamless evolution.
Talent & Infrastructure
Close proximity to Helsinki, excellent transport links, and a strong industrial history make Inkoo perfect for attracting skilled professionals.
Local & National Impact
Once operational, this significant investment is expected to create hundreds of new direct jobs and thousands of indirect jobs, fueling local business development and contributing to Finland’s position as a global leader in green technology.
Pellet plant
BGS plans to invest in an iron ore pellet plant to produce high-quality direct reduction (DR) pellets, supplying its steel plant in Inkoo, Finland, as well as the growing global market for DR pellets.
The planned facility will convert iron ore feed into premium DR pellets, a critical raw material for low-CO₂ steel production.
A portion of the production will also be sold on the international DR pellet market, tapping into rising demand.
The plant is expected to produce 6 million tonnes of DR pellets annually and create approximately 120 direct jobs, along with significant indirect employment and economic benefits for the surrounding municipality and region.
BGS is currently exploring alternative locations for the pellet plant in the United Kingdom to optimise logistics and market access.
Timelines & Key Milestones
This timeline outlines the significant journey and future roadmap of Blastr’s pioneering green Direct Reduced Iron (DRI) and steel project in Inkoo, Finland.
Foundation & Conception
2021
Blastr Founded by Vanir Green Industries
A deep, ice-free harbor enables efficient, low-carbon transport of materials and products year-round.
January 2023
Inkoo Project Becomes Live
The ambitious project to develop an integrated green iron and steel production facility in Joddböle, Inkoo, is officially launched.
Momentum & Strategic Investments
H1 2024
Initial Strategic Equity Funding Secured
Blastr welcomes its first external equity investors, including Cargill, Tesi (Finnish Industry Investment Ltd), and Interfer, a major global raw materials group. This strengthens the project's financial foundation and strategic support.
Mid 2024
Further Investment & Expanding Partnership Base
The investor base is further expanded with a follow-on investment from Cargill and Tesi, along with new commitments from leading Finnish family-owned investment and industrial groups, Security Trading and Onvest, as well as Nordic energy infrastructure investor, Aurora Infrastructure. This demonstrates continued strong local and international commitment to the project.
Permitting & Approvals Milestones
April 2025
EIA Reasoned Conclusion Received
A deep, ice-free harbor enables efficient, low-carbon transport of materials and products year-round.
May 2025
Local Detailed Plan Approved
The ambitious project to develop an integrated green iron and steel production facility in Joddböle, Inkoo, is officially launched.
Maturing Partnerships & Engineering Excellence
H2 2025
Deepening Partnerships for Optimized Solutions
Blastr welcomes Nalco Water (an Ecolab company) as a strategic equity investor, bringing unmatched global expertise in water management.
This partnership initiates a deep engineering collaboration to focus on developing an optimized and sustainable closed-loop water treatment system for the Inkoo facility.
The Path Forward
H1 2026
Advancing Permitting & Pre-Production
Preparations are underway for the environmental permit application phase, another critical step towards final regulatory approval.
