H2 Green Steel Raises Over $190M to Power a Clean Industrial Revolution

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team
Published on August 31, 2022

Many companies are looking to make the world a cleaner place and reduce CO2 emissions, but few focus on steel. Despite that, steel is responsible for around 7% of global CO2 emissions. H2 Green Steel is looking to solve that by launching a “clean industrial revolution,” bringing steel-related emissions close to zero. In fact, H2 Green Steel’s steelmaking process reduces CO2 emissions by 95%. Learn more about the company and its plans for the $190 million (€190 million) in funding in the press release below.

The Swedish green impact company H2 Green Steel is securing a total of €190 million in the first close of the series B equity financing from a selected group of investors, showing strong support for the company.

The equity round was co-led by new investors AMF, GIC and Schaeffler, alongside existing investor Altor Fund V. Also participating in the equity raise is new investor Swedbank Robur Alternative Equity and existing shareholders Vargas, Kingspan, FAM, Marcegaglia, IMAS Foundation, Cristina Stenbeck and Daniel Ek continue to support the company with additional equity funding.

H2 Green Steel aims to transform industries that generate significant carbon emissions, starting with steel through a green hydrogen powered steel plant in Boden in Northern Sweden.

“This financing milestone is a real statement of confidence in H2 Green Steel. Despite the uncertainty in global markets, a venture like ours, with both a strong business case and a strong sustainable purpose, is clearly attractive to investors. This financing round has allowed us to combine leading industrial companies and global financial institutions, with investors with a strong Swedish participation, creating the investor-base that will set us up for success,” says Henrik Henriksson, CEO of H2 Green Steel.

After its launch in February 2021 and the close of its series A equity round the following May, the company has proceeded in record pace receiving a permissibility permit for its operations in Boden, securing a 14 TWh agreement for renewable electricity and initiating ground works and construction. Now it is reaching another milestone in financing adding to the solid group of investors from the first investment round.

H2 Green Steel has pre-sold about 60 percent of its initial volumes showcasing the demand for decarbonized steel. Customers represent a broad range of sectors including steel service centers, pipe and tube, passenger vehicles and heavy commercial vehicles, whitegoods and construction products.

The original press release with further details can be found on H2 Green Steel’s website.

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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