H2 Green Steel, a Stockholm, Sweden-based company that is building a large-scale green steel plant, raised approx. €1.5 Billion in Equity funding.
The round was led by Altor, GIC, Hy24 and Just Climate, whit participation from Andra AP, AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.
The company intends to use the funds to finance the construction and development of its flagship large-scale green steel plant in Boden, Sweden.
The plant will deliver steel with up to 95 percent less CO2 emissions compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources.
The company is led by Henrik Henriksson as a CEO and Otto Gernandt as a CFO.
Since launch in 2021, H2 Green Steel has raised more than €1.8 Billion of equity in three financing rounds. The company closed its series A equity round of €86M in May 2021 and announced the close of its series B1 round of €260M in October 2022. On the debt side, it announced in 2022 the structure for its debt financing of over €3.5 Billion and renewed commitment letters in July 2023.
FinSMEs
07/09/2023