H2 Green Steel secures EUR 1.5 billion in equity financing

H2 Green Steel has secured approximately 1.5 billion euro in equity from an investor group led by Altor, GIC, Hy24 and Just Climate.

The financing round will finance the world’s first large-scale green steel plant and Europe’s first giga-scale electrolyser.

The financing round is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes new investors Andra AP-fonden and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.

The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on the site in Boden since summer 2022 and, with this transaction, H2 Green Steel takes another big leap towards commencing operations at the end of 2025.

The plant will deliver steel with up to 95 percent less CO2 emissions compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyser, using electricity from renewable sources. Next-generation technology and digitalisation, along with an unmatched approach to both circularity and recycling, will make the steel plant the first of its kind.

H2 Green Steel was advised by Mannheimer Swartling in the transaction.


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