H2 Green Steel has raised some €1.5 billion ($1.6 billion) in equity from an investor group led by Altor, GIC, Hy24 and Just Climate, representing the largest private placement in Europe this year.
The proceeds of the funding round will finance the construction and development of the world’s first large-scale green steel plant and Europe’s first giga-scale electrolyzer in Boden, Sweden. Groundworks have been ongoing on the site in Boden since summer 2022, and this transaction will enable H2 Green Steel to take another big leap toward beginning operations at the end of 2025.
GIC said the plant will deliver steel with up to 95 percent less carbon dioxide emissions compared with 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 electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along wit