Sweden's H2 Green Steel Raises EUR190 Million

By Dominic Chopping

STOCKHOLM--Swedish steel producer H2 Green Steel AB has raised 190 million euros ($189.9 million) in a series B funding round as it presses ahead with building a green hydrogen-powered steel plant in northern Sweden, it said Monday.

H2 Green Steel plans to produce steel by replacing coal with green hydrogen produced with fossil-free energy, reducing carbon dioxide emissions by up to 95% compared to traditional steelmaking. The new plant's annual capacity is planned at 5 million tons by 2030 and the company has already pre-sold 60% of its initial volumes.

The equity round was co-led by new investors AMF, GIC and Schaeffler AG, alongside existing investor Altor Fund V. Swedbank Robur Alternative Equity also participated as a new investor.

Existing investors include Spotify Technology S.A. founder Daniel Ek, main Kinnevik AB owner Cristina Stenbeck, and Vargas Holding, the co-founder of Swedish battery maker Northvolt AB.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 30, 2022 05:26 ET (09:26 GMT)

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