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8 September 2023In the largest private placement in Europe this year, H2 Green Steel has raised over €1bn for a GW-scale electrolyser project in Sweden.
The developer has raised €1.5bn in equity from an investor group led by Altor, GIC, Hy24 and Just Climate.
The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on site in Boden since summer 2022 and H2 Green Steel is working towards start of operations end of 2025.
The private placement is co-led by new investor 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 that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.
