H2 Green Steel raises €1.5bn to fund green steel plant and a related electrolyser

H2 Green Steel has raised €1.5bn ($1.6bn) in equity this year (2023) which will finance a large-scale green steel plant and a giga-scale hydrogen electrolyser.

The €1.5bn was raised from an investor group led by Hy24, Altor, GIC, and Just Climate, also including Andra AP – fonden and Temasek and a group of existing investors which will continue to support H2 Green Steel with additional equity funding.

The proceeds will fund the construction and development of H2 Green Steel’s large-scale green steel plant in Boden, Sweden, which will deliver up to 95% less carbon dioxide (CO2) emissions compared to traditional steel production, with operations expected to begin at the end of 2025.

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