Steel Products
H2 Green Steel Seeks to Raise More Than $1.65B in Equity Funding
April 24, 2023
Startup Swedish steelmaker H2 Green Steel aims to raise more than €1.5 billion ($1.65 billion) in equity funding, a company spokesperson confirmed to SMU on Monday.
H2 Green Steel aims to reduce CO2 emissions up to 95% compared to traditional steelmaking at its planned plant in Boden, in northern Sweden, according to its website. The plant is expected to sport hydrogen-based steelmaking, which would allow for the significant reduction in CO2 emissions.
The company said that by 2030 it will produce 5 million tons of green steel annually at Boden. The Financial Times said H2 Green Steel would use the money raised to help build the plant there.
In October, H2 Green Steel said it had received support from leading European financial institutions for its €3.5-billion debt financing. The company said at that time it would finance the construction of its hydrogen-powered green steel plant in northern Sweden through a combination of equity and debt financing.
By Ethan Bernard, ethan@steelmarketupdate.com
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