Stockholm’s H2 Green Steel has announced securing over €4.7B in funding to establish the world’s first large-scale green steel plant in Boden, Sweden. This initiative is set to revolutionize the steel industry by reducing CO2 emissions by up to 95% through the use of hydrogen produced from renewable electricity.
The project, totaling €6.5B in funding, includes €4.2B in debt financing from a consortium of 20 lenders, highlighted by BNP Paribas and the European Investment Bank, €300M in equity from investors, and a €250M grant from the EU Innovation Fund. This significant financial backing underscores the European Union’s commitment to decarbonizing the steel industry and maintaining its global competitiveness.
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Leadership’s Vision
CEO Henrik Henriksson expressed gratitude for the extensive support from lenders, investors, and the EU Innovation Fund, viewing it as a testament to the project’s potential to inspire further decarbonization efforts across industries.
About H2 Green Steel
Founded in 2020, H2 Green Steel aims to lead the transformation towards a sustainable steel industry. The company’s innovative approach includes a fully integrated process that leverages end-to-end digitalization and green hydrogen as a sustainable alternative to coal.
With this significant investment, the company is poised to set a new standard for environmental responsibility in the steel industry, contributing to a more sustainable future.
