H2 Green Steel, a Swedish steel producer, announced on Monday that it is seeking to raise over €1.5 billion ($1.65 billion) in equity funding for its Boden-based iron, steel, and hydrogen plant. The company, which was founded in 2021, is presently working on its direct reduced iron (DRI) plant, which is projected to be powered by hydrogen plants using renewable electricity.
According to H2 Green Steel, production is set to begin at the end of 2025, with a ramp-up planned for 2026. The Financial Times, which first reported on the funding, stated that Morgan Stanley is assisting H2 Green Steel's advisers in this endeavor.
H2 Green Steel intends to produce five million tonnes of steel annually by 2030 while decreasing carbon dioxide emissions by 95% compared to conventional steelmaking. The company has initiated the final phase of its financing plan to raise more than €5 billion, including €3.5 billion in debt, according to the Financial Times.
Commenting on the company's ambitions, Henrik Henriksson, CEO of H2 Green Steel, said, “We have a clear vision to make fossil-free steel into a reality and enable other industries to decarbonize through our unique hydrogen technology. We are excited about the opportunity to work with investors who share our vision for a sustainable future and look forward to our future collaborations.”
