STOCKHOLM
(Reuters) - Swedish steel venture H2 Green Steel said on Monday it has raised
190 million euros from a group of investors for building a fossil fuel-free
steel plant in the north of Sweden that would start production in 2024.
H2 Green Steel plans to have an annual production capacity of 5
million tonnes of green steel by 2030 that could reduce 95% of carbon dioxide
emissions compared with normal steelmaking.
The new round was co-led by investors including AMF, GIC,
Schaeffler and Altor. Swedbank Robur Alternative also participated in the
equity raise.
Spotify founder Daniel Ek, main Kinnevik owner Cristina Stenbeck
and Vargas Holding, co-founder of battery maker Northvolt, were among early
investors of H2 Green Steel.
H2 Green Steel has pre-sold about 60% of its initial volumes to
customers in sectors such as steel service centers, pipe and tube, passenger
vehicles and heavy commercial vehicles, the company said in a statement.
(Reporting by Supantha Mukherjee in Stockholm; Editing by Josie
Kao)