Swedish green steel startup Stegra is taking a bold step to finish its groundbreaking hydrogen-powered steel plant in northern Sweden.
The firm is seeking $1.1 billion in new financing to cover higher project costs and fill funding gaps left by missed state grants.
The Boden plant, Europe’s first new steel mill in 50 years, aims to cut emissions by replacing coal with hydrogen made from renewable electricity. The company has already secured €6.5 billion in earlier funding and says this new round will strengthen its financial base.
CEO Henrik Henriksson said Stegra already has equity commitments from lead investors and founders. “This funding will help us complete the factory and begin scaling production,” he added.
Despite setbacks in Europe’s green transition, such as the collapse of Northvolt, Stegra’s progress offers hope that clean steel can reshape one of the world’s most polluting industries — and drive a more sustainable future.
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