Steel today makes up around 7 percent of carbon emissions globally and is together with chemicals one of the most important areas to target first in the clean industrial revolution. As a first step, H2 Green Steel is developing a fully integrated, digitalized, and sustainable plant in Boden, northern Sweden. The plant will deliver steel with up to 95 percent less CO2 emissions compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along with an unmatched approach to both circularity and recycling will make the steel plant the first of its kind.

Kinnevik’s CEO Georgi Ganev commented: “We are proud to continue backing H2 Green Steel and to be part of the largest private placement in Europe this year. H2 Green Steel is a true challenger leading the industrial scale decarbonization of steel. We are impressed with what Henrik and team have accomplished since our first investment last year, and with this round they are taking a big leap towards start of operations end of 2025. The investment resonates with our priority to support and maximize the impact of our highest-conviction investments and pursue new investments selectively in the current market environment.”

H2 Green Steel’s CEO Henrik Henriksson commented: “The caliber of investors that are backing us is impressive. Some of the most professional institutions, investors and industrial companies globally are part of this round and we are proud that they all share our commitment to sustainability as their true north. EUR 1.5bn is the largest private placement in Europe this year and the appetite to invest in us proves both our solid business case and the market demand for green steel.”