H2 Green Steel completed $105 million in Series A equity.
H2 Green Steel, a Stockholm, Sweden-headquartered startup building a large-scale fossil-free steel factory, announced the completion of $105 million series A funding round.
The deal was initially announced in February 2021, and was closed with investors including Altor Fund V, Ane & Robert Maersk Uggla, BILSTEIN GROUP, EIT InnoEnergy, Exor, FAM, IMAS Foundation, Kingspan, Marcegaglia, Mercedes-Benz AG, Scania, SMS Group, Stena Metall Finans, Cristina Stenbeck, Daniel Ek, and Vargas.
H2 Green Steel, founded at the end of 2020 and led by CEO Henrik Henriksson, intend to build a large-scale steel factory based on a fossil-free manufacturing process targeting large European OEMs.
The plant will be built in northern Sweden, in Boden, offering unique conditions for cost competitive 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 five million tons of high-quality steel.