H2 Green Steel secures equity financing

H2 Green Steel (H2GS AB) has secured equity financing in an aggregate amount of approx. EUR 50 million from a mix of strategic and financial investors in a series A financing round.

H2GS was established by the Vargas group in 2020, aiming to establish large-scale fossil-free steel production in the Boden-Luleå region in northern Sweden. The project includes a large-scale green hydrogen plant as an integrated part of the steel production facility. Production is expected to begin in 2024 and by 2030, H2GS expects to have an annual production capacity of five million tons of high-quality steel.

H2GS was advised by Mannheimer Swartling in the transaction.

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