H2 Green Steel raised about EUR 1.5 billion in equity on 7 September 2023 to build the world's first large-scale green steel plant in Boden, Sweden, in the largest private placement in Europe that year. The round was co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate, and also brought in new backers including Temasek. The money will finance the flagship plant and Europe's first giga-scale electrolyser, producing steel with up to 95 percent less carbon dioxide than traditional blast furnace steel. Groundworks at Boden had been under way since summer 2022, and the company aimed to start operations at the end of 2025, producing 5 million tonnes of nearly fossil-free steel a year by 2030. The deal took H2 Green Steel's total equity raised since 2021 past EUR 1.8 billion.
Source: PR Newswire — https://www.prnewswire.co.uk/news-releases/h2-green-steel-raises-1-5-billion-in-equity-to-build-the-worlds-first-green-steel-plant-301920175.html
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