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h2 green steel

Powering a new, clean industrial revolution

Quick info
FOUNDED
ceo
HOLDING
vargas partners
Description

Cleaning up steel is key to tackling climate change. As one of the world’s dirtiest industries, it is responsible for more than 7 percent of global CO2 emissions. H2 Green Steel will enable sustainable steelmaking by bringing emissions close to zero. The company is headquartered in Stockholm, Sweden, with its first green steel plant under development in Boden, northern Sweden. Using green hydrogen instead of coal in the production, water and heat will become the main by-products.

large-scale

green

hydrogen

production

H2 Green Steel aims to build one of the world’s largest electrolysis plants, powered by fossil-free energy. And steel is only the beginning – the company’s expertise in green hydrogen is an enabler for decarbonising other heavy industries as well.

Our

purpose

is

to

decarbonise

hard-to-abate

industries

And we will start with steel. By responding to challenges in heavy-polluting industries with speed and action, we will contribute to reaching the Paris Agreement. The demand for green steel has been validated by a solid customer-base, proving that sustainability and profitability go hand in hand

Henrik Henriksson, CEO of H2 Green Steel

reduction in CO2

0

%

Compared to traditional steel making

year

0

0

0

0

Production at Boden plant set to begin

output (tonnes)

0

M

Estimated annual green steel output from Boden plant 2030

Pre-sold (tonnes)

0

m

In binding 5-7 year contracts

h2 green steel timeline

Building an impact company with sustainability at its core – for our people, customers, investors and planet.

2024

KIRCHHOFF Automotive and H2 Green Steel in €130 million deal for supply of near zero emissions steel

Raises more than €4 billion in debt financing

2023

H2 Green Steel enters a multi-year supply agreement of direct reduction iron ore pellets with Vale and Rio Tinto for its steel plant in northern Sweden

Secures near zero-emission steel supply agreements

With Cargill, Ingka Group, Mercedes-Benz, Porsche, Purmo Group, RobaMetals, Volvo Group, and ZF

Scania places first green steel order, advancing supply chain acceleration

Raises €1.5 billion

In equity to build the world's first green steel plant

H2 Green Steel receives full environmental permit for Boden plant

Agreement with Fortum for electricity supply

H2 Green Steel secures carbon-free electricity for up to nine years

New supply agreements with Marcegaglia, Bilstein and SPM

2022

H2 Green Steel raises €260 million in equity and €3.5 billion in debt

Cooperates with GreenIron H2 to achieve further emission reduction and increased circularity in Boden plant

H2 Green Steel raises €190 million in Series B equity

Signs agreement with BMW

H2 Green Steel and BMW Group signs final agreement on delivery of CO2 reduced steel

Joins forces with Hitachi Energy

H2 Green Steel and Hitachi Energy collaborate on project that support production of green steel

H2 Green Steel’s plant in Boden, Sweden, is approved by the environmental court and construction groundwork starts at the site

10 million tonnes of green steel is pre-sold

2021

H2 Green Steel launches €2.3 billion green hydrogren venture with Iberdrola

H2 Green Steel completes $105 million initial funding round

H2 Green Steel is launched

With the purpose to decarbonise hard-to-abate industries, starting with steel

2020

The business case for H2 Green Steel, including green steelmaking and hydrogren, is validated by Vargas

steel

is

only

the

beginning

This is the start of a new and clean industrial revolution where large-scale green hydrogen production will enable necessary reductions in harmful emissions from heavy industry. We are doing this to realise a better, cleaner future for the planet.

Kajsa Ryttberg-Wallgren, EVP Business Unit Hydrogen

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