🏆 Deal of the Month · January 2024
H2 Green Steel raised EUR 300 million in a Venture Round; the post-money valuation was not disclosed. The round was supported by a broad consortium of nine institutional and strategic investors. The deal was recognised as Venionaire DealMatrix Deal of the Month for January 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 round brought together Temasek Holdings, Siemens Financial Services, Mubea, Microsoft Climate Innovation Fund, Just Climate, Hy24, GIC, Andra AP-fonden, and Altor. The investor mix is notably diverse, spanning sovereign wealth funds (Temasek, GIC), Swedish institutional capital (Andra AP-fonden), climate-focused vehicles (Microsoft Climate Innovation Fund, Just Climate, Hy24), industrial strategics (Mubea, Siemens Financial Services), and a Nordic private equity firm (Altor). This breadth signals strong cross-sector conviction in the green steel transition.
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 traditionally used in blast furnace steelmaking, reducing CO₂ emissions by up to 95% versus conventional routes. Its primary products are green flat carbon steel and green sponge iron (direct reduced iron), serving automotive, construction, and industrial customers. The company's first large-scale production facility is under development in Boden, northern Sweden, where access to renewable electricity underpins its hydrogen production.
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 calculations at this time. As comparable transaction data and public filing disclosures become available, valuation benchmarks will be updated on this page. For current sector-level trading and transaction multiples relevant to GreenTech and green industrials, visit the Venionaire DealMatrix 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 Month for January 2024.
What is H2 Green Steel's valuation?
H2 Green Steel's valuation was not disclosed in connection with this round.
Who invested in H2 Green Steel?
The round's investors include 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.