H2 Green Steel completes €260 million equity financing to build world's first large scale green steel plant
H2 Green Steel announced today that it has secured €260 million in series B equity funding. The final close of the private placement adds €70 million in new investments from investors such as Hitachi Energy, Kobe Steel and Kinnevik. The private placement round that was co-led by AMF, GIC and Schaeffler, alongside existing investor Altor, reaches €260 million in its final close. In addition to already communicated investments by Hitachi Energy and Kobe Steel, the close of the round adds new shareholders Swedish investment company Kinnevik, and a climate-focused institutional investment fund.
The series B equity proceeds will primarily be used to develop 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.