H2 Green Steel accelerates fossil-free steel making with $105 million initial funding

The Swedish based company H2 Green Steel (H2GS) has raised $105 million initial funding to accelerate the transition into fossil-free steel making .

The steel company targets large European OEM’s and also will be one of the large scale steel producer based on a fossil-free manufacturing.

H2GS has developed a close collaboration between the investor Vargas and several strategic and long term investors which are leaders in digitalisation and sustainability.

The Chief Executive Officer of H2 Green Steel, Henrik Henriksson, says:

“We’ve seen a tremendous interest, both from the industry, future customers and long-term investors, in our mission to bring down co2-emissions to zero in the steel industry.

“Investors all over Europe understand that the climate crisis is the biggest challenge of our time and that a transformation of the industry is necessary. Our closing of the Series A is an important milestone that gives us continued momentum for the journey ahead.”

Globally steel industries are one of the largest carbon dioxide emitters which contributes around seven percent of global carbon dioxide emissions.As the demand for fossil free steel increasing rapidly from global sectors such as commercial vehicles, automotive, white goods, construction and furniture.

The company aims to start production below the Artic Circle in the year 2024 and plans to produce 5m tonnes of emissions free steel by the end of the decade.

About H2 Green Steel

H2 Green Steel (H2GS) is a Swedish based green impact company it was found in the year 2020, H2GS aims to build a large scale fossil free steel production by the year 2030 the company will produce 5 million tons of fossil free steel by 2030.

H2 Green Steel will establish operations in Boden and Luleå. The founder and largest shareholder is Vargas, which is also co-founder and one of the largest shareholders in Northvolt.