H2 Green Steel completes equity financing

With newly added €70 million from investors such as Hitachi Energy, Kobe Steel and Kinnevik, H2 Green Steel now has secured €260 million in series B equity funding.

The private placement round that was co-led by AMF, GIC and Schaeffler, alongside existing investor Altor, reaches €260 million in its final close. In addition to already communicated investments by Hitachi Energy and Kobe Steel, the close of the round adds new shareholders Swedish investment company Kinnevik, and a climate-focused institutional investment fund.

“We are proud to partner with leading global institutions, investors, and industrial companies. Our investors are leaders in their respective fields and at the forefront of enabling the change required to meet our climate targets. This private placement round is a true sign of strength for our business – sustainability and profitability go hand in hand,” says Henrik Henriksson, CEO of H2 Green Steel.

H2 Green Steel closed its series A equity round of €86 million in May 2021 and announced the first close of its series B round of €190 million in August 2022.

In addition to financing, H2 Green Steel has reached several milestones at high speed. It has a permissibility permit for its operations in Boden and a steady progress in the construction of its steel plant. The company has pre-sold about 60 percent of its initial volumes to a range of European customers in a broad range of sectors.

H2 Green Steel´s new fossil-fuel free steel plant will be a fully integrated, digitalized and automated greenfield steel plant in Boden. There it has access to renewable electricity from water power and wind power. In nearby Luleå, the Technical University and Swedens largest bulk goods harbour, are key factors for the plans.