H2 Green Steel

Potential locations are located in Canada, USA, Brazil and Portugal

Swedish startup H2 Green Steel has four new large projects that are close to moving to the permitting stage. This was announced by Kaisa Rittberg-Walgren, Vice President of Growth and Hydrogen Business, at the World Hydrogen Summit, Kallanish reports.

The projects at the pre-feasibility stage are located in Quebec (Canada), Texas (USA), Brazil and Portugal.

According to Rittberg-Walgren, H2 Green Steel has been looking for these locations for two years, but the company representative did not provide details.

At the same time, the startup’s innovative project in Boden, Sweden, relies on the use of a giant electrolyzer. By 2030, the steel plant, built from scratch, should bring 5 million tons of green steel to the market. The project will also produce 100 thousand tons of green hydrogen per year using 750 MW of renewable energy. The first production is expected in 2026.

The vice president of growth and hydrogen business at H2 Green Steel believes that the value chain needs to be rethought.

«It makes no sense to build a plant that depends on perhaps 20 TWh of renewable energy in a place where it is not available,» she said.

Rittberg-Walgren acknowledges that hydrogen imports can contribute to decarbonization. However, in her opinion, there are better ways to indirectly supply energy to Europe, for example, through the import of direct reduced iron (DRI).

In January 2024, H2 Green Steel raised €4.75 billion in new financing for the Boden project. In particular, the company signed definitive debt financing agreements worth €4.2 billion to support its green steel project. The startup has also increased its previously announced equity raise by €300 million. The new shareholders include Microsoft Climate Innovation Fund, Mubea, and Siemens Financial Services. Existing shareholders IMAS Foundation and Just Climate also increased their investment in H2 Green Steel.