Sweden-based H2 Green Steel has announced that it has secured a total of about €1.5 billion in funding from a group of investors including Cristina Stenbeck and Hitachi Energy. Accordingly, the company will use this funding to invest in its large-scale green steel plant in Boden, Sweden.
As SteelOrbis reported previously, H2 Green Steel had unveiled in 2021 that it would build its first flagship green plant in Boden. The plant will use hydrogen, instead of coal, which will be produced on site with its own electrolyzer powered by renewable sources. This way, the company will cut carbon emissions from steel production by up to 95.0 percent compared to conventional methods.
“This marks the start of industrial-scale decarbonization of basic materials production. The sector will require substantial investments over the coming decades to enable our customers to produce green end-products and, thereby, meet their climate targets. We hope this financing will contribute towards accelerating the much needed, broad participation of capital markets in the transformation of hard-to-abate industries”, Otto Gernandt, CFO of H2 Green Steel, stated.
H2 Green Steel expects to commission the plant by the end of 2025.
