Just Climate has made an undisclosed investment in H2 Green Steel which will help develop the Boden plant project in northern Sweden.
The investment business created by Generation Investment Management has also invested in ABB E-mobility and Meva Energy and said all three companies reflect Just Climate’s approach of investing in ‘scalable solutions with transformational potential that can help to deliver sector-wide decarbonisation in hard-to-abate industries’.
A spokesperson said the investment in H2 Green Steel forms part of the steelmaker’s €260m Series B fundraising, announced on October 19 last year.
H2 Green Steel is an industrial start-up based in Sweden which aims to accelerate the decarbonisation of the steel industry – one of the hardest-to-abate industries, responsible for more than 7% of emissions, according to the IEA. By replacing coal traditionally used in steelmaking with green hydrogen powered by renewable electricity, the company aims to reduce emissions of steel by as much as 95%.
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