Stegra secures $1.7 billion for Swedish green steel plant
Stegra raised 1.4 billion euros to finish its hydrogen-based steel plant. The funding was led by a consortium including Sweden's influential Wallenberg family.
The pioneering green steel startup Stegra has successfully raised 1.4 billion euros ($1.65 billion) in its latest funding round. Based in Sweden, the company secured the investment from a consortium spearheaded by the influential Wallenberg family, a move that solidifies the financial backing for its ambitious industrial objectives. This fresh capital injection follows the company's transition from its previous name, H2 Green Steel, as it advances toward operational status.
The newly acquired funds are earmarked for the completion of Stegra's flagship hydrogen-based steel production facility. Currently under construction in northern Sweden, the plant is a critical component of efforts to decarbonize the heavy industrial sector and represents the first greenfield steel mill in Europe in half a century. The company had previously secured approximately 6.5 billion euros in a mix of loans and equity in 2024. However, management indicated last October that additional liquidity was required to ensure the successful completion of the massive infrastructure project, while also exploring the potential for outsourcing certain operational functions.
