H2 Green Steel has raised about €1.5 billion ($1.61 billion) in equity from an investor group led by Altor, GIC, Hy24 and Just Climate.
The round will finance the world’s first large-scale green steel plant and Europe’s first giga-scale electrolyzer.
The private placement 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 through this transaction H2 Green Steel takes another b