Swedish group H2 Green Steel will produce decarbonized steel from green hydrogen. The global steel industry generates between 7% and 9% of global CO emissions2according to the World Steel Association. Decarbonizing the sector is a major challenge in the fight against climate change.
Swedish H2 Green Steel announced in early September that it had completed its financing to produce decarbonized steel. The group raised €1.5 billion in equity from a group of investors led by Alto, GIC, Hy24 and Just Climate. This round of funding will finance a green steelworks in Boden, Sweden. The steel produced by this new plant will reduce CO emissions by up to 95%.2 compared to steel produced with traditional blast furnace technology, by replacing coal in the production process with green hydrogen, which is itself produced using electricity from renewable sources. “The industry will require substantial investments over the coming decades to enable our customers to produce green end products and thus achieve their climate targets,” said Otto Gernandt, CFO of H2 Green Steel.
