Boden 740 MW by Stegra: status and timeline

Boden 740 MW

Integrated green steel plant in Boden, Sweden. Uses hydrogen from renewable electricity instead of coal. 740 MW electrolyzer feeds hydrogen to direct reduction, yielding 95% lower emissions than blast furnaces.

DeployStage 4 of 5

Electrolysers installed; hydrogen and steel start slipped to early 2027; Stegra needs more funding.

Updated 3 Apr 2026Checked 11 Oct0 updates this week

Milestones

Next · Commissioning of electrolyzer and DRI plant

37 electrolyzer modules installed from thyssenkrupp nuceraApr 2026Complete.
Commissioning of electrolyzer and DRI plantTarget 2026Current milestone.
First green steel production (first steel)Target 2027Not yet reached.
Ramp to 2.4 million tonnes/yearTarget 2028Not yet reached.
Full capacity of 5 million tonnes/yearTarget 2030Not yet reached.

Most important updates

Upcoming

2026Commissioning of electrolyzer and DRI plant (next)
2027First green steel production (first steel)
2028Ramp to 2.4 million tonnes/year
2030Full capacity of 5 million tonnes/year

Current obstacles

Cost of green hydrogenHydrogen from renewable electricity remains more expensive than fossil hydrogen. Long-term competitiveness depends on electricity prices and carbon pricing.
Renewable power supplyThe plant requires 10 TWh of renewable electricity annually. Securing reliable, affordable renewable supply in Nordic markets is critical.
Market acceptanceCustomers must pay for green steel's higher cost. Policy support and corporate ESG commitments drive demand but are not yet guaranteed long-term.

Physics limits

Electrolyzer efficiencyModern alkaline electrolyzers convert 70-80% of electrical input to hydrogen; the rest becomes waste heat. Pushing efficiency higher requires novel materials and cell designs.
Hydrogen storage and transportGreen hydrogen is difficult to store and transport; most must be used on-site or nearby. This limits the geography where green steel can be economically produced.

How it works

3 parts

Hydrogen production

Electrolysis from renewable power

The 740 MW electrolyzer splits water using renewable electricity. Produces green hydrogen without fossil fuels or CO2.

Iron reduction

MIDREX H2 direct reduction

Hydrogen replaces coal to turn ore into spongy DRI. This removes oxygen from ore and prepares it for melting without using blast furnaces.

Steel casting

EAF melting and finishing

DRI is melted in an electric arc furnace powered by renewable electricity. Molten steel is cast and rolled into sheets or coils.

Spec sheet

Spec	Boden 740 MW
Electrolyzer capacity	740 MW^R (reported)
Green hydrogen production capacity	~100,000 tonnes/year^R (reported)
Initial production capacity	2.4 million tonnes/year^R (reported)
Full production capacity (2030)	5 million tonnes/year^R (reported)
CO2 reduction vs. conventional steel	95%^R (reported)
Total project investment	€6.5 billion^R (reported)
Annual electricity requirement	~10 TWh^R (reported)

^R reported by the company

Update log

2 updates

Fri 3 Apr

Major: All 37 electrolyzer modules from thyssenkrupp nucera installed at BodenPressHardware

May 2025

Minor: Electrolyzer modules begin arriving at Boden sitePressHardware

About Stegra

The team behind Boden 740 MW

Stegra

Hydrogen green steel, Boden plant

Stegra (formerly H2 Green Steel, founded 2020) is building a big green steel plant in Boden, Sweden. It makes its own hydrogen to turn iron ore into steel, aiming for about 2.5M tonnes a year and up to 95% less CO2.

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 early 2027; CEO Henrik Henriksson was dismissed in Sep 2026 and more money is needed.

stegra.com (opens stegra.com)Company profile →

Founded: 20206 yrs
Headquarters: Sweden
Status: Private
Valuation: private
Raised: $1.6B1 round
Last round: Equity round · $1.6B24 Jun 2026
Works in: MaterialsGreen steelEnergy
Coverage: 2 programs · 10 updateslatest 11d agochecked 11 Oct
Lead investors: Wallenberg Investments
Partners: European Commission (Innovation Fund) (opens stegra.com)
Investors: Wallenberg Investments (opens wallenberginvestments.com)
Suppliers: thyssenkrupp nucera (opens stegra.com)Midrex Technologies (opens stegra.com)
People: Harald MixCo-founderHåkan BuskheCEO from 1 Nov 2026

Spec

Boden 740 MW

Electrolyzer capacity

740 MW^R (reported)

Green hydrogen production capacity

~100,000 tonnes/year^R (reported)

Initial production capacity

2.4 million tonnes/year^R (reported)

Full production capacity (2030)

5 million tonnes/year^R (reported)

CO2 reduction vs. conventional steel

95%^R (reported)

Total project investment

€6.5 billion^R (reported)

Annual electricity requirement

~10 TWh^R (reported)