H2 Green Steel announced series A equity financing backed by Vargas, Scania and other investors from Sweden.
H2 Green Steel, a Stockholm, Sweden-headquartered startup, announced that it is in the process of closing its series A equity financing of €50 million ($60.8M).
The deal, which is yet to be finalized, already has backing from a range of investors from Sweden, including Vargas, Scania, SMS group, BILSTEIN GROUP, EIT InnoEnergy, Cristina Stenbeck, Daniel Ek, Altor Fund V, and IMAS Foundation.
H2 Green Steel, founded at the end of 2020, will be a large-scale steel producer based on a fossil-free manufacturing process targeting large European OEMs. H2GS will be located in the Boden-Luleå region in northern Sweden that offers unique conditions for fossil-free steel production. The project includes a giga-scale green hydrogen plant as an integrated part of the steel production facility. Production will begin in 2024 and by 2030, H2GS will have annual production capacity of 5 million tons of high-quality steel. Henrik Henriksson, currently CEO of Scania, will lead the company.