H2 Green Steel, a Stockholm, Sweden-based climate-tech company, raised €260M in Equity funding.
The round was led by AMF, GIC and Schaeffler, with participation from Altor.
In addition to already communicated investments by Hitachi Energy and Kobe Steel, the close of the round adds new shareholders Swedish investment company Kinnevik, and a climate-focused institutional investment fund. H2 Green Steel closed its series A equity round of €86m in May 2021 and announced the first close of its series B round of €190m in August 2022.
The company intends to use the funds to develop its large scale green steel plant in northern Sweden.
Led by CEO Henrik Henriksson, H2 Green Steel will produce green steel in a fully integrated production process, using end-to-end digitalization, electricity from fossil-free sources and green hydrogen instead of coal.
In addition to financing, the company has reached several milestones at high speed, including a permissibility permit for its operations in Boden in July followed by steady progress in the construction of its steel plant. H2 Green Steel has pre-sold about 60 percent of its initial volumes to a range of European customers in a broad range of sectors.
FinSMEs
19/10/2022