H2 Green Steel has raised about €1.5bn in equity from an investor group led by Altor, GIC, Hy24 and Just Climate to finance the construction and development of H2 Green Steel’s green steel plant in Boden, Sweden. The plant will deliver steel with up to 95% 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 a GW-scale electrolyser, using electricity from renewable sources.
Groundworks have been ongoing on the site in Boden since summer 2022, and H2 Green Steel is now progressing well to start operations at the end of 2025. The private placement is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes new investors Andra AP - fonden and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.