Potential locations are located in Canada, USA, Brazil
and Portugal
Swedish startup H2 Green Steel has four new large projects that are
close to moving to the permitting stage. This was announced by Kaisa
Rittberg-Walgren, Vice President of Growth and Hydrogen Business, at the World
Hydrogen Summit, Kallanish reports.
The projects
at the pre-feasibility stage are located in Quebec (Canada), Texas (USA),
Brazil and Portugal.
According to
Rittberg-Walgren, H2 Green Steel has been looking for these locations for two
years, but the company representative did not provide details.
At the same
time, the startup’s innovative project in Boden, Sweden, relies on the use of a
giant electrolyzer. By 2030, the steel plant, built from scratch, should bring
5 million tons of green steel to the market. The project will also produce 100
thousand tons of green hydrogen per year using 750 MW of renewable energy. The
first production is expected in 2026.
The vice
president of growth and hydrogen business at H2 Green Steel believes that the
value chain needs to be rethought.
«It makes no sense to build a
plant that depends on perhaps 20 TWh of renewable energy in a place where it is
not available,» she said.
Rittberg-Walgren
acknowledges that hydrogen imports can contribute to decarbonization. However,
in her opinion, there are better ways to indirectly supply energy to Europe,
for example, through the import of direct reduced iron (DRI).
In January 2024, H2 Green Steel raised €4.75 billion in new financing for the
Boden project. In particular, the company signed definitive debt financing
agreements worth €4.2 billion to support its green steel project. The startup
has also increased its previously announced equity raise by €300 million. The
new shareholders include Microsoft Climate Innovation Fund, Mubea, and Siemens
Financial Services. Existing shareholders IMAS Foundation and Just Climate also
increased their investment in H2 Green Steel.