Sweden-based green steel company Stegra has raised €1.4 billion in a new financing round as it moves forward with its low-emission steel manufacturing plans.
The investment round was led by a consortium backed by Wallenberg Investments. Other participants included IMAS, Temasek, Bolero, and SEB-Stiftelsen. Existing investors such as Altor, Hy24, Just Climate, AIP Management, and Scania also joined the round.
Stegra said the new funding will primarily support the completion and commissioning of its production plant in Boden, Sweden. The facility is expected to use green hydrogen technology to manufacture steel with significantly lower carbon emissions compared to conventional steelmaking methods.
The company also plans to strengthen its long-term financial position and improve its equity structure through the latest capital raise.
Stegra develops industrial infrastructure focused on green steel production. Instead of relying on traditional coal-based processes, the company uses green hydrogen as part of its manufacturing approach to reduce greenhouse gas emissions.
The company was previously known as H2 Green Steel before its recent rebranding.
CEO Henrik Henriksson leads the business as it expands its manufacturing operations and infrastructure projects across Europe.
Alongside the funding announcement, Stegra confirmed that its lender group approved access to previously arranged debt facilities. The company said the approval rate from lenders reached 100%.
Stegra also announced the appointment of Håkan Buskhe from Wallenberg Investments to its board of directors.
—----------------------
Raising capital? Explore 3,000+ PropTech and ConTech VCs in one place →https://www.proptechbuzz.com/vc
If you are a proptech company and want to promote your products for free, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.
Explore more Proptech news at proptechbuzz.com/news, for news tips and promotions, reach out to marketing@proptechbuzz.com.