Sweden’s H2 Green Steel raises 190 million euros in financing
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STOCKHOLM, Aug 29 (Reuters) – Swedish steel venture H2 Green Steel said on Monday it has raised 190 million euros from a group of investors to build a fossil-fuel-free steel mill in northern Sweden that would start production in 2024.
H2 Green Steel plans to have an annual production capacity of 5 million tons of green steel by 2030, which can reduce 95% of carbon emissions compared to normal steelmaking.
The new round was co-led by investors including AMF, GIC, Schaeffler and Altor. Swedbank Robur Alternative also participated in the share increase.
Spotify founder Daniel Ek, Kinnevik’s main owner Cristina Stenbeck and Vargas Holding, co-founder of battery manufacturer Northvolt, were among the early investors in H2 Green Steel.
H2 Green Steel has sold about 60% of its initial volumes to customers in sectors such as steel service centers, pipes and tubes, passenger vehicles and heavy commercial vehicles, the company said in a statement.
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Reporting by Supantha Mukherjee in Stockholm; Editing by Josie Kao
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