H2 Green Steel’s €50 Million Series A Financing Round

Hammarskiöld has acted as acted legal adviser to Swedish truck manufacturer Scania in its participation in the financing round. Wigge & Partners advised IMAS Foundation.

H2 Green Steel (H2GS AB) has secured equity financing in an aggregate amount of approx. EUR 50 million from a mix of strategic and financial investors in a series A financing round.

H2GS was established by the Vargas group in 2020, aiming to establish large-scale fossil-free steel production in the Boden-Luleå region in northern Sweden.

The project includes a large-scale green hydrogen plant as an integrated part of the steel production facility. Production is expected to begin in 2024 and by 2030, H2GS expects to have an annual production capacity of five million tons of high-quality steel.

Green Steel will be a fully integrated, digitalised and automated greenfield steel plant. By bringing together raw materials, renewable energy, local expertise, and artificial intelligence, the aim is to bring emissions down to zero. That’s why they are planning to build a large-scale production site for green steel in collaboration with customers across multiple segments including automotive, commercial vehicle, white goods, furniture, and industrial equipment.

The Hammarskiöld’s team consisted primarily of Peder Hammarskiöld (Picture) and Erik Fahlgren.

The Wigge team consisted of Anders Morén and Maria Bellak.

Involved fees earner: Erik Fahlgren – Hammarskiöld & Co.; Peder Hammarskiöld – Hammarskiöld & Co.; Maria Bellak – Wigge & Partners; Anders Morén – Wigge & Partners;

Law Firms: Hammarskiöld & Co.; Wigge & Partners;

Clients: IMAS Foundation; Scania AB;

Author: Federica Tiefenthaler