H2 Green Steel has secured more than $4.5 billion in debt financing to build the world’s first large-scale green steel plant in Northern Sweden.
The latest financing amount is above the previously announced equity raised by roughly $325 million. The company has also secured a $271 million grant from the European Union Innovation Fund. In total, H2 Green Steel has secured funding of close to $7 billion for the project.
H2 Green Steel, which is based in Sweden, was founded in 2020 with the aim of decarbonizing hard-to-abate industries, starting with steel. Its production has up to 95% lower carbon emissions than steel made with coke-fired blast furnaces. Production of the green steel plant is already underway, with supply contracts for the hydrogen-, iron- and steel equipment in place.
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