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Swedish start-up H2 Green Steel has raised €190mn ($189mn) in a financing round, for its initiative to decarbonise steel production by around 95pc using renewable hydrogen.
H2 Green Steel is building its first steel mill in Boden, northern Sweden, where it aims to produce 5mn t/yr by 2030. It recently secured a power purchase agreement from state-owned utility Statkraft.
The investment round was co-led by Swedish pension fund AMF, which said it invested €35mn, Singapore's sovereign wealth fund GIC, German automotive firm Schaeffler, and existing investor Altor Equity Partners.
Asset manager Swedbgank Robur became a new investor, and H2 Green Steel also received increased funding from round the first-round investors.
Certain shareholders in H2 Green Steel are steel consumers hoping to expedite decarbonisation of their supply chain. Schaeffler has previously signed up as a customer and has a technology partnership with the company, H2 Green Steel chief executive Henrik Henriksson said.
By using green steel, car manufacturers can abate 60pc of their emissions while only increasing the cost of the vehicle by 1-2pc, Swedish H2 Green Steel's chief procurement officer Luisa Orre said at a recent conference.
argusmedia
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