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H2 Green Steel raises €1.5bn in Sweden

September 7, 2023

Swedish firm H2 Green Steel has raised €1.5bn equity for a large green steel production plant in Sweden with Europe’s first gigascale green hydrogen electrolyser.

The equity has come from an investor group led by Altor, GIC, Hy24 and Just Climate; and includes new investors including Andra AP-fonden and Temasek. Existing investors AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM have provided additional equity funding.

H2 Green Steel started building the plant in Boden, Sweden, in summer 2022; and is due to commission it by the end of 2025.

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