The brief
- The furthest-along attempt at a commercial hydrogen steel mill; total financing is close to €8B.
- Cost overruns caused a 2025 cash crunch, fixed by a €1.4B equity round led by Wallenberg Investments (closed June 2026).
- Start-up slipped from 2025 to a phased 2026 start, full ramp 2027; all 37 electrolyser modules were in by April 2026.
Technical approach
Makes its own hydrogen
About 700 MW of electrolysers use Swedish hydro and wind power to split water into hydrogen on site, so no pipeline is needed.
Hydrogen instead of coal
In a tall furnace, hydrogen pulls the oxygen out of iron ore pellets, leaving solid 'sponge iron' (DRI) and water vapour instead of CO2.
Electric arc furnaces
The iron and some scrap are melted with renewable electricity, then cast and rolled into steel coils on the same site.
Ore to coil on one site
Doing every step in one place saves heat and transport, but makes the whole project one very large construction risk.
Stegra, one program
Updated 23d ago
Open technical problems
- Cost of green hydrogenActive research
Hydrogen is the biggest running cost. Power prices and electrolyser uptime decide if the steel can match coal-based steel on price.
- Ore quality for DRIOpen
The hydrogen route needs very pure iron ore pellets, and there isn't much of that ore, which limits how many such plants can be built.
- First-of-a-kind start-upOpen
Nobody has started hydrogen making, a hydrogen furnace and a steel shop together at this scale; teething problems are likely.
Upcoming catalysts
- 2027Full-scale production rampBoden green steel plantby ~15 mo
Peers
Company & funding
- Raised
- $1.6Bdisclosed private rounds
- Last round
- Equity round24 Jun 2026
- HQ
- SE
- Founded
- 2020
| Date | Round | Amount | Post-money | Lead |
|---|---|---|---|---|
| 24 Jun 2026 | Equity round | $1.6B | — | Wallenberg Investments |
| Jan 2024 | Project financing (debt, equity, grant) | $7B | — | — |
Partners & customers
- Supplier
Supplied the 37 electrolyser modules.
- Supplier
Supplies the direct reduction furnace technology.
- Investor
Led the €1.4B round in 2026.
- Partner
EU Innovation Fund grant of about €265M, approved in 2024.
People
- Henrik HenrikssonCEO
- Harald MixCo-founder