Blastr Green Steel raises funds for green steel project

The Norwegian company successfully conducted a round of financing with strategic partners

Norwegian Blastr Green Steel has successfully completed a financing round with strategic partners, the company said in a statement.

The equity financing round was attended by Cargill Metals, German steel trader Interfer Group, Finnish state-owned venture capital company Tesi and Blastr founder Vanir Green Industries.

The funds raised will be used to advance the development planning of the steel mill in Inkoo, Finland, and a facility in northern Europe designed to produce 6 million tons per year of high-quality low-carbon DR pellets. As noted, the financing will also support the ramp-up of organizational momentum aligned with commercial and supply chain activities.

«This successful early round of financing is a significant step towards the realization of Blastr’s multi-billion dollar investment program in pellets, sponge iron and steel production on a global scale,» said Mark Bula, CEO of Blastr Green Steel.

As part of the next stage of development, Blastr is entering into framework agreements covering the entire green steel value chain. This includes securing production technologies and working with Cargill Metals to finalize the supply of raw materials for pellets, as well as selling surplus pellets, HBI and low-carbon steel.

The agreements will form the basis for discussions on construction financing with strategic and financial partners. The final investment decision will be made by early 2026.

Last March, 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. The plant was supposed to produce DRI pellets that would be used as raw materials for the company’s green steel plant in Finland.