Swedish GreenIron raises $9.2 million to build DRI plant

Swedish startup GreenIron has raised funding of up to SEK 100 million ($9.2 million) to build a hydrogen-based direct reduced iron plant in Sandviken. This is reported by H2 View.

The financing is provided by additional capital from GreenIron’s shareholders. The next round is expected within the next six to nine months.

The plant is currently under construction and the company expects to start commercial production by the end of this year.

In April 2024, GreenIron confirmed that it had received an environmental permit to build a DRI plant with a capacity of up to 28 thousand tons per year, using hydrogen as a reducing agent. Linde will be the hydrogen supplier.

Earlier this year, LKAB Mining Group chose Energiron technology, jointly developed by Tenova and Danieli, for the basic design of a hydrogen direct reduced iron (DRI) plant in Jellivar, Sweden.

As GMK Center reported earlier, in June, the European Commission approved €265 million in state aid to Sweden to support H2 Green Steel in setting up a green steel plant. The project envisages the construction of one of the world’s largest electrolyzers with a capacity of 690 MW, a direct reduction unit running on renewable hydrogen, two electric arc furnaces and cold rolling and finishing facilities.