H2 Green Steel has successfully closed its Series A equity financing of $105 million from a select group of investors. The strong interest and high-quality investor base demonstrate a firm belief in H2GS and the market potential for green steel.

The Series A round investors include Altor Fund V, Ane & Robert Maersk Uggla, BILSTEIN GROUP, EIT InnoEnergy, Exor, FAM, IMAS Foundation, Kingspan, Marcegaglia, Mercedes-Benz AG, Scania, SMS Group, Stena Metall Finans, Cristina Stenbeck, Daniel Ek, and Vargas Holding.

These new investors include a broad spectrum of companies and individuals ranging from strategic off-takers, technical partners and long-term investors focusing on green impact, sustainability, and industry 4.0.

A proof of the strong interest in bringing CO2 emissions down to zero in the steel industry

Carl-Erik Lagercrantz, CEO of Vargas and Vice Chairman of H2 Green Steel, commentes: ‍

“The Series A round is proof of a very strong interest among a broad range of strategic partners, customers and financial investors, in our mission to bring down CO2-emissions to zero in the steel industry. The closing of the Series A is a milestone for H2 Green Steel, and an important sign of confidence from our partners.”

H2GS aims to accelerate the transformation of the European steel industry and become a large-scale steel producer based on a fossil-free manufacturing process, primarily targeting large European OEMs. H2GS has been developed in close collaboration between the founding investor Vargas Holding, and several strategic and long-term investors, that are global leaders in sustainability and digitalisation.