Plant will avoid use of blast furnaces
H2 Green Steel raises €1.5b in landmark equity deal
Largest private placement in Europe in 2023 puts Swedish hydrogen-based steel plant on track for 2025 startup
Sweden-based H2 Green Steel has raised about €1.5b ($1.6b) in equity in a landmark deal that demonstrates the strength of global investors’ appetite for large-scale hydrogen-based steelmaking. Proceeds from the transaction, which is the largest private placement in Europe in 2023 so far, will help finance construction of the world’s first large-scale green steel plant at Boden in Sweden. The project includes Europe’s largest deployment of electrolysers, with capacity of more than 700MW. “This marks the start of industrial-scale decarbonisation of basic materials production. The sector will require substantial investments over the coming decades to enable our customers to produce green end p
Also in this section
25 March 2026
The Middle East energy shock has highlighted the value of France’s unique potential to deploy nuclear-powered electrolysers
18 March 2026
The second fossil-fuel price shock in four years can be a much-needed catalyst for investment in the sector
9 March 2026
Hydrogen has not stalled in the UK because the technology does not work. The problem is that the system around it does not yet move at the speed required
4 March 2026
Turmoil in Middle East reminds nascent clean hydrogen sector that its future prospects are dependent on global energy markets and geopolitics
