Swedish steel producer H2 Green Steel is seeking to raise $1.65 billion of equity funding for its iron, steel and hydrogen plant in Boden, the company stated on Monday, April 24.
H2 Green Steel, launched in 2021. The company is currently developing its plant in Boden, which is expected to be powered renewable electricity.
The company plans to start production at the end of 2025, it said in a statement to Reuters.
Financial Times, who first reported on the funding, said H2 Green Steel is working with advisers at Morgan Stanley. H2 Green Steel told FT it has begun the final part of its financing strategy.
The company targets to produce 5 million ton pr year by 2030, which could reduce 95% of carbon dioxide emissions compared with normal steelmaking.