Swedish green steel startup raises record €1.5 billion to build the world’s first green steel plant

H2 Green Steel (H2GS AB) was founded with the ambition to accelerate the decarbonization of industry using Green Hydrogen. Steel is the company’s first industry vertical due to its technological and commercial maturity when it comes to CO2 reduction possibilities. H2 Green Steel accelerates decarbonization of the European steel industry, one of the largest carbon dioxide emitters.

Here are details of H2 Green Steel’s latest funding round :

🚀 Launch


🏭 Industry



Henrik Henriksson, Maria Persson Gulda, Olof Hernell, Luisa Orre, Kajsa Ryttberg-Wallgren

💸 Funding & Investors

  • Investment (September 2023) : €1.5 billion
  • Investors : led by investors including 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, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.

🎯 Funding purpose

Construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden.

🌐 Country HQ


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