H2 Green Steel has secured €260m through Series B equity funding to build large scale green steel plant in Sweden.
The final close to the round has seen addition of €70m in new investments from firms such as Hitachi Energy, Kobe Steel and Kinnevik.
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AMF, GIC and Schaeffler co-led the round along with current investor Altor.
In August, H2 Green Steel had announced the first close of the series B round through which it had raised €190m.
The new facility in the northern part of the country will produce steel with up to 95% lower emissions than the traditional process of manufacturing steel.
H2 Green Steel CEO Henrik Henriksson said: “We are proud to partner with leading global institutions, investors, and industrial companies. Our investors are leaders in their respective fields and at the forefront of enabling the change required to meet our climate targets. This private placement round is a true sign of strength for our business – sustainability and profitability go hand in hand.”
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By GlobalDataThe company raised €86m in May 2021 through series A equity round.
It received permit in July for its facility in Boden, which is the second largest town in Northern Sweden’s interior. in July.
The firm has pre-sold around 60% of its initial volumes to various European customers in a broad range of sectors.
Kinnevik CEO Georgi Ganev said: “Kinnevik has always been a backer of challengers, investing in disruptive companies that can significantly upend their sectors. H2 Green Steel, with its ambition to decarbonize large industries starting with steel, is a great example of a company with a strong commercial plan and the ability to move the needle in reaching global net zero, and we are excited to be part of their journey.”
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Image: H2 Green Steel plans to produce steel with up to 95% lower emissions than traditional steelmaking. Credit: H2 Green Steel/ Kinnevik/Cision
