Blastr Green Steel has completed the second round of partnership financing

Norway’s Blastr Green Steel has successfully completed the second round of partnership financing, the company said in a statement.

This round involved three of Blastr’s founding investors and three new investors based in Finland.

The initial investors who provided additional capital and increased their stake in Steel are Cargill Metals, the Finnish state-owned venture capital and private equity company Tesi, and Blastr founder Vanir Green Industries.

The new investors are Aurora Infrastructure, which provides industry-leading solutions for asset financing, transmission and development of existing or new power grids in the Nordic countries, and family-owned companies Onvest Oy and Security Trading Oy.

The proceeds will be used to develop Blastr’s value chain, including the steel plant in Inkoo (Finland), as well as to further develop the pelletizing plant, which will produce 6 million tons of DR raw materials annually.

According to Aurora Infrastructure CEO Robin Lindahl, Blastr’s green steel project is a significant industrial investment for Finland.

“This project not only utilizes Finnish renewable energy sources, but also creates new jobs and economic opportunities by promoting value-added processing at the local level. The Inkoo area, with its existing infrastructure and strategic location, is ideally suited for such an initiative. We are committed to supporting projects such as this one and have experience in servicing the largest industrial facilities in Finland,” he said.

As noted, at the end of 2024, Blastr provided the Finnish authorities with an environmental impact assessment report (EIA) for the Inkoo plant. Based on it, the company plans to apply for environmental permits for the project in 2025.

As a reminder, in March 2023, Blastr Green Steel announced its intention to invest more than €1 billion in the construction of a pelletizing plant in the municipality of Gildeskål in Norway. They will be used as raw materials for the company’s Finnish green steel plant.