Sweden’s H2 Green Steel raises 190 million euros
August 31 (Renewables Now) – Swedish startup H2 Green Steel, which aims to build a green hydrogen-powered steel mill in Boden, northern Sweden, has raised EUR 190 million ($190.6 million) in the first of a series B financing round, it said on Monday.
The round was co-led by Swedish pension fund AMF, Singapore’s Government Investment Corporation (GIC) and German automotive and industrial supplier Schaeffler AG (ETR:SHA), which are new investors, and existing investor Altor Fund V. Other participants include new investor Swedbank Robur Alternative Equity and existing shareholders Vargas, Kingspan, FAM, Marcegaglia, IMAS Foundation, Cristina Stenbeck and Daniel Ek.
H2 Green Steel, which has already secured a permit for its Boden facility and started groundwork and construction, said the funding showed confidence in the company despite uncertainty in global markets.
“This funding round has enabled 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,” added CEO Henrik Henriksson.
Andreas Schick, chief operating officer of Schaeffler, which has a commercial partnership with H2 Green Steel, said securing supply chains and making them more sustainable is a top priority for the company. “Through its participation, Schaeffler secures its long-term supply of green strip steel and significantly strengthens its network in this crucial material area,” added Schick.
H2 Green Steel says it has sold about 60% of its initial volumes.
(1 EUR = 1,003 USD)
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