🏆 Deal of the Week · CW 36/2023
H2 Green Steel raised EUR 1.5 billion in a venture round, with valuation remaining undisclosed. The raise was announced in 2023 and recognised as Venionaire DealMatrix Deal of the Week for KW 36/2023. The round drew capital from a broad consortium of fourteen institutional and strategic investors across Europe and Asia.
H2 Green Steel — key deal facts
| Company | H2 Green Steel |
| Founded | 2020 |
| Headquarters | Stockholm, Sweden |
| Amount raised | EUR 1.5B |
| Valuation | Valuation Remains Undisclosed |
| Round | Venture – Series Unknown |
| Investors | Altor (https://altor.com/) AMF (https://www.amf.se/en/) Andra AP-fonden (https://www.ap2.se/en/) Cristina Stenbeck FAM AB (https://www.fam.se/) GIC (https://www.gic.com.sg/) Hitachi Energy (https://www.hitachienergy.com/) Hy24 (https://hy24partners.com/) IMAS Foundation (https://imasfoundation.org/) Just Climate (https://www.justclimate.org/) Kinnevik (https://www.kinnevik.com/) Schaeffler Group (https://www.schaeffler.com/) Temasek Holdings (https://www.temasek.com.sg/) Vargas Holdings (https://vargasholdings.com/) |
| Sectors | CleanTech |
Who invested in H2 Green Steel?
The round was backed by Altor, AMF, Andra AP-fonden, Cristina Stenbeck, FAM AB, GIC, Hitachi Energy, Hy24, IMAS Foundation, Just Climate, Kinnevik, Schaeffler Group, Temasek Holdings, and Vargas Holdings. The investor mix is notable for spanning Swedish pension capital, sovereign wealth funds from Singapore, strategic industrials with direct supply-chain interest in green steel, and dedicated climate-transition vehicles. The participation of Hitachi Energy and Schaeffler Group signals industrial validation alongside purely financial backing.
What does H2 Green Steel do?
H2 Green Steel, since rebranded as Stegra, was founded in 2020 and is headquartered in Stockholm, Sweden. The company produces low-carbon flat carbon steel by replacing coal-based reduction with green hydrogen and renewable electricity, targeting a 95% reduction in CO₂ emissions versus conventional steelmaking. Its primary end markets are automotive, construction, and industrial equipment. The company's first large-scale production facility is under development in Boden, northern Sweden, co-located with access to abundant hydroelectric power.
H2 Green Steel valuation & multiples
No existing multiples analysis was provided for this deal, and the post-money valuation remains undisclosed, precluding EV/Sales or EV/EBITDA derivation at this time. As comparable green-steel and CleanTech infrastructure transactions accumulate, relevant sector multiples will be tracked. Readers can follow applicable benchmark ranges on the Venionaire DealMatrix CleanTech sector multiples pages.
Explore the benchmarks: CleanTech.
Frequently asked questions
How much did H2 Green Steel raise in its Venture – Series Unknown?
H2 Green Steel raised EUR 1.5 billion in a venture round recognised in KW 36/2023.
What is H2 Green Steel's valuation?
H2 Green Steel's valuation was not disclosed in connection with this funding round.
Who invested in H2 Green Steel?
The round included Altor, AMF, Andra AP-fonden, Cristina Stenbeck, FAM AB, GIC, Hitachi Energy, Hy24, IMAS Foundation, Just Climate, Kinnevik, Schaeffler Group, Temasek Holdings, and Vargas Holdings.
When was H2 Green Steel founded and where is it based?
H2 Green Steel was founded in 2020 and is headquartered in Stockholm, Sweden.
Source: original announcement — read the full report.