H2 Green Steel Completes €190 Million Funding Round

The Swedish green impact company H2 Green Steel is securing 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.

“This financing milestone is a real statement of confidence in H2 Green Steel. Despite the uncertainty in global markets, a venture like ours, with both a strong business case and a strong sustainable purpose, is clearly attractive to investors. This financing round has allowed 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,” says Henrik Henriksson, CEO of H2 Green Steel.

H2 Green Steel has pre-sold about 60 percent of its initial volumes showcasing the demand for decarbonized steel.

Customers represent a broad range of sectors including steel service centers, pipe and tube, passenger vehicles and heavy commercial vehicles, whitegoods and construction products.