Stegra Seeks Over $2.3 Billion for Green Steel Facility
Swedish startup Stegra seeks over $2.3 billion to finish its green steel plant. The firm has reshuffled its board and appointed a new CFO to lead the effort.
The Swedish startup Stegra is reportedly seeking to raise more than 2 billion euros ($2.3 billion) to complete the construction of its flagship green steel plant in northern Sweden. According to a report from the business daily Dagens Industri, this new funding requirement is more than double the company's previous estimates.
To facilitate this capital raise, the company has appointed a new Chief Financial Officer and implemented changes to its board of directors. These moves come as the firm works to secure the necessary liquidity to finish its hydrogen-based steel manufacturing site. While the company had previously indicated in October that it was looking for an additional $1.1 billion, the updated figure suggests a significant increase in projected costs.
