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H2 Green Steel has successfully raised €4.75 billion ($5.17 billion) in funding for its pioneering green steel project in Boden, Sweden. The funding includes €4.2 billion in debt financing, nearly €300 million in equity from investors, and a €250 million grant from the EU Innovation Fund. The total funding for the plant, which utilizes hydrogen produced from renewable electricity to significantly reduce CO2 emissions, amounts to €6.5 billion. The new shareholders include the Microsoft Climate Innovation Fund and Siemens Financial Service, along with existing owners such as Altor, GIC, Just Climate, Andra AP Fonden, Hy24, and Temasek. The plant aims to produce steel with up to 95% less CO2 emissions compared to traditional blast furnace technology. Half of the initial yearly production of 2.5 million tonnes has already been sold in binding agreements.

Original article posted on January 22, 2024