H2 Green Steel has raised €260 million in Series B funding. The final close of the private placement adds €70 million from investors including Hitachi Energy, Kobe Steel and Kinnevik.

The round, co-led by AMF, GIC and Schaeffler, with participation from existing investor Altor, reached €260million in its final close. In addition to previously announced investments by Hitachi Energy and Kobe Steel, the close of the round is adding Swedishinvestment company Kinnevik and a climate-focused institutional investment fundas new shareholders.

The Series B funding will primarily be used to develop H2 Green Steel’s large-scale green steel plant in Boden, northernSweden, where the company will produce green steel that will reduce CO₂emissions by up to 95 percent compared to traditional steelmaking.

H2 Green Steel closed its Series A funding round of €86 million in May 2021 and announced the first close of its Series Bround of €190 million in August 2022.

We are proud to be backed by highly respected global investors as we ramp up our effort in Boden

“H2 Green Steel always had a clear goal: to help decarbonize hard-to-abate industries, starting with steel. We are proud to be backed by highly respected global investors as we ramp up our efforts in Boden, accelerating the transformation of the European steel industry.” says Carl-Erik Lagercrantz, Vice Chairman of H2 Green Steel.