Altor supports H2 Green Steel on EUR 190 million funding round

Published

Aug 30 2022

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.

About Altor

Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 85 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2, Vianode, Svea Solar and Nordic Climate Group. For more information visit www.altor.com

About H2 Green Steel

H2 Green Steel (H2GS AB) 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 founder and largest shareholder of H2 Green Steel is Vargas, which is also co-founder and one of the larger shareholders in Swedish battery maker Northvolt. H2 Green Steel is headquartered in Stockholm, Sweden, with its first green steel plant under development in Boden, northern Sweden. www.h2greensteel.com

Press contact

Tor Krusell



Head of Communications

tor.krusell@altor.com

+46 705 43 87 47

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