Altor Fund V (Altor) continues to support the Swedish green impact company H2 Green Steel in its first close of the Series B equity financing. The key investors in the financing round next to Altor are AMF, GIC, Schaeffler, Swedbank Robur and Vargas Holding. Existing shareholders continue to support the company with additional equity funding, including such investors as Kingspan, FAM, Marcegaglia, IMAS Foundation, Cristina Stenbeck and Daniel Ek.
Altor was also part of the initial Series A equity financing in March 2021. H2 Green Steel was founded in 2020 with the ambition to accelerate the decarbonization of the steel industry, using green hydrogen. Steel, which is one of the world’s largest carbon dioxide emitters, is the company’s first business vertical. The company has proceeded in record pace receiving a permissibility permit for its operations in Boden, securing a 14TWh agreement for renewable electricity and initiating ground works and construction.
”We are excited to continue supporting H2 Green Steel. It fits perfectly with our increased efforts to invest in green transition opportunities, where we have made a number of other investments such as OX2, Svea Solar and Vianode. H2 Green Steel has proven the demand of its products by already having more than 50% of its initial volumes pre-sold to customers across a range of industries, from passenger vehicles and white goods to steel trading clients” says Klas Johansson, Partner at Altor.
“This financing milestone is a real statement of confidence in H2 Green Steel. Despite the uncertainty in global markets, a venture like ours, with both a strong business case and a strong sustainable purpose, is clearly attractive to investors. This financing round has allowed us to combine leading industrial companies and global financial institutions, with investors with a strong Swedish participation, creating the investor- base, that will set us up for success,” says Henrik Henriksson, CEO of H2 Green Steel.
