🏆 Deal of the Week · CW 4/2024
H2 Green Steel raised EUR 300 million in a Venture Round; the post-money valuation was not disclosed. The round drew capital from a syndicate of nine institutional and strategic investors spanning sovereign wealth funds, infrastructure specialists, and corporate climate vehicles. The deal was recognised as Venionaire DealMatrix Deal of the Week for KW 4/2024.
H2 Green Steel — key deal facts
| Company | H2 Green Steel |
| Founded | 2020 |
| Headquarters | Stockholm, Sweden |
| Amount raised | EUR 300M |
| Valuation | Valuation Remains Undisclosed |
| Round | Series: Venture Round |
| Investors | Temasek Holdings Siemens Financial Services Mubea Microsoft Climate Innovation Fund Just Climate Hy24 GIC Andra AP-fonden Altor |
| Sectors | GreenTech |
Who invested in H2 Green Steel?
The investor syndicate comprises Temasek Holdings, Siemens Financial Services, Mubea, Microsoft Climate Innovation Fund, Just Climate, Hy24, GIC, Andra AP-fonden, and Altor. The mix is notable for its breadth: two sovereign wealth funds (Temasek, GIC), a dedicated green-hydrogen infrastructure fund (Hy24), a Swedish public pension buffer fund (Andra AP-fonden), and a technology-company climate vehicle (Microsoft Climate Innovation Fund) all committing alongside industrial and private equity names. That combination of patient capital and strategic partners reflects the long development horizon and cross-sector demand profile of green steel production.
What does H2 Green Steel do?
H2 Green Steel — now rebranded as Stegra — was founded in 2020 and is headquartered in Stockholm, Sweden. The company produces near-zero emission steel by substituting green hydrogen for the coal and coke used in conventional blast-furnace steelmaking, thereby eliminating the primary source of carbon emissions in iron reduction. Its core products are high-quality flat carbon steel and green sponge iron, with target markets in the automotive, construction, and industrial equipment sectors. Its first large-scale production facility is under development in Boden, northern Sweden, a location chosen for access to fossil-free electricity and logistical infrastructure.
H2 Green Steel valuation & multiples
No verified EV/Sales or EV/EBITDA multiples are available for this transaction, as the post-money valuation was not disclosed. Comparable benchmarks for early-stage green steel and green-hydrogen-enabled industrial assets can vary materially depending on production stage, offtake contract coverage, and carbon-credit assumptions. For sector-level multiples context, visit the Venionaire DealMatrix GreenTech sector multiples pages.
Frequently asked questions
How much did H2 Green Steel raise in its Series: Venture Round?
H2 Green Steel raised EUR 300 million in a Venture Round, recognised as Deal of the Week for KW 4/2024; the precise closing month was not disclosed in the verified deal data.
What is H2 Green Steel's valuation?
The post-money valuation for H2 Green Steel's Venture Round remains undisclosed.
Who invested in H2 Green Steel?
The round was backed by Temasek Holdings, Siemens Financial Services, Mubea, Microsoft Climate Innovation Fund, Just Climate, Hy24, GIC, Andra AP-fonden, and Altor.
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.