H2 Green Steel

H2 Green Steel is a producer of green steel, which involves the use of less carbon dioxide emissions compared to traditional steelmaking.

H2 Green Steel aims to transform industries that generate significant carbon emissions, starting with steel through a green hydrogen powered steel plant.

H2 Green Steel was founded in 2020 by its largest shareholder Vargas. The company is headquartered in Stockholm, Sweden.

 

H2 Green Steel is developing the company's large scale green steel plant in northern Sweden, where H2 Green Steel will produce steel with up to 95 percent lower emissions than traditional steelmaking.

 

H2GS is building a giga-scale electrolyser, powered by fossil-free electricity, as an integrated part of the production site, producing the green hydrogen needed to bring 5 million tonnes of high-quality steel to the market by 2030.

 

H2 Green Steel has reached several milestones at high speed, including a permissibility permit for its operations in Boden in July followed by steady progress in the construction of its steel plant. The company has pre-sold about 60 percent of its initial volumes to a range of European customers in a broad range of sectors.

 

H2 Green Steel is backed by Vargas, The European Investment Bank, Hitachi Energy, AB Svensk Exportkredit (SEK), BNP Paribas, ING, Kinnevik, AMF, GIC, UniCredit, Societe Generale, Schaeffler, KfW IPEX-Bank, Kingspan, FAM, Marcegaglia, IMAS Foundation, and others. The company €3.5B ($3.45B) in debt financing on Oct 24, 2022. This brings H2GS' total funding to $3.8B to date.

 

 

  • Year founded: 2020
  • Funding Info: $3.8B over 5 Rounds (Latest Funding Type: Debt)
  • Yearly Revenue: NA
  • Employee Size: 51-200
  • Business Valuation: NA
  • City/Town: Stockholm
  • State: Stockholm
  • Country: Sweden
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