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