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.
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.