Swedish start-up H2 Green Steel has announced a rebranding, changing its name to Stegra. This is stated in the company’s message.
As noted, the rebranding is associated with a change in the startup’s goal to accelerate decarbonisation in industries that are difficult to reduce carbon emissions. In the long term, Stegra will explore the potential for growth using all three platforms it operates: green hydrogen, iron and steel, as well as leveraging the experience of its Boden facility.
In addition, the company announced potential projects outside Sweden that are under study. What they have in common is that they are located in areas where customers need help in reducing carbon emissions in the value chain, locations with good access to renewable electricity, and reliable grid connections. Among the projects under consideration are locations in Portugal, Canada and Brazil.
‘The most advanced project is currently in Portugal, where we have already selected a site and reserved land near the city of Sines. Stegra has received notification of the allocation of a significant portion of the required capacity, and our local value chain partnerships continue to develop,’ said CEO Henrik Henriksson.
The company is currently building a large-scale green steel plant in Boden, which will consist of a 690 MW electrolyser, a direct reduction unit, two electric arc furnaces, as well as cold rolling and finishing shops. The facility is expected to be commissioned in 2026 with an annual capacity of 2.4 million tonnes of green steel.
According to S&P Global, a Stegra spokesperson said that the construction timeline for the Boden steel mill remains the same. In particular, the company received its first production equipment in the summer.
In June 2024, the European Commission approved €265 million in state aid to Sweden to support H2 Green Steel in setting up a green steel plant. The event will be partially financed through the Recovery and Resilience Facility (RRF), with the aid taking the form of a direct grant.
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