H2 Green Steel secures about €6.5B in debt, equity and grants for its Boden plant

Stegra/Boden green steel plant

H2 Green Steel signed €4.2 billion of project debt, raised €2.1 billion in total equity (€300M additional in this round), and was awarded a €250 million EU Innovation Fund grant, securing close to €6.5 billion for its green steel plant in Boden, northern Sweden.

• €4.2 billion in project debt (€3.5B senior, €600M junior); €2.1B total equity raised (€300M additional); €250M EU Innovation Fund grant.
• Total funding €6.5 billion for Boden, Sweden; half of initial yearly output (2.5M tonnes of near-zero steel) sold in binding 5–7 year contracts.
• Green hydrogen replaces coal and coke; fully electrified steel production eliminates carbon emissions in favor of water as the byproduct.