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H2 Green Steel completes €190 million funding round

H2 Green Steel secures a total of €190 million in the first close of the Series B equity financing from a selected group of investors, showing strong support for the company.

The equity round was co-led by new investors AMF, GIC and Schaeffler, alongside existing investor Altor Fund V. Also participating in the equity raise is new investor Swedbank Robur Alternative Equity and existing shareholders Vargas, Kingspan, FAM, Marcegaglia, IMAS Foundation, Cristina Stenbeck and Daniel Ek continue to support the company with additional equity funding.

H2 Green Steel aims to transform industries that generate significant carbon emissions, starting with steel through a green hydrogen powered steel plant in Boden in Northern Sweden.

After its launch in February 2021 and the close of its series A equity round the following May, the company has proceeded in record pace receiving a permissibility permit for its operations in Boden, securing a 14 TWh agreement for renewable electricity and initiating ground works and construction. Now it is reaching another milestone in financing adding to the solid group of investors from the first investment round.

the market shows confidence in H2 Green Steel

“As founding partners and co-investors in H2 Green Steel, it is great to see the confidence the market shows in the company, notwithstanding the uncertainty we are seeing in global markets. With AMF, GIC and Schaeffler on board, H2 Green Steel’s investor base is growing incredibly strong. This is great for H2 Green Steel, and great for the broader push to transition to green steel globally,” says Carl-Erik Lagercrantz, Vice-Chairman of H2 Green Steel.