Sweden’s H2 Green Steel collects additional funds for a green steel plant
H2 Green Steel has shaved in a further €70 million in its Series B share round to finance the construction of what it claims is the world’s first large-scale green steel mill in northern Sweden.
The latest raise, which brings the total capital secured through the round to €260 million, was co-led by GIC, AMF and Schaefflerand existing investor Altor.
Other investors include Hitachi Energy, Kobe steelKinnevik, and a climate-focused institutional investment fund.
H2 Green Steel will use the Series B infusion to build the fully integrated, digitized and circular steelmaking facility, which is scheduled to be operational as early as 2025.
The plant is expected to reduce 95% of CO₂ emissions compared to traditional steelmaking.
Kinnevik CEO Georgi Ganev said: “Kinnevik has always been a supporter of challengers, investing in disruptive companies that can significantly elevate their sectors.
“H2 Green Steel, with its ambition to decarbonise large industries starting with steel, is a great example of a company with a strong commercial plan and the ability to move the needle towards global net zero, and we are delighted to be a part of their journey.”
The company raised €86 million in its Series A equity financing round last year and €190 million in first close of its Serie B round earlier this year.
H2 Green Steel CEO Henrik Henriksson said: “We are proud to partner with leading global institutions, investors and industrial companies. Our investors are leaders in their respective fields and are at the forefront of enabling the change required to achieve our climate goals .
“This targeted issue round is a true sign of strength for our business – sustainability and profitability go hand in hand.”