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April 24 (Reuters) – Swedish steel producer H2 Green Steel is seeking to raise more than 1.5 billion euros ($1.65 billion) of equity funding to build steel plants with virtually no carbon emissions, the Financial Times reported on Monday.
H2 Green Steel, launched in 2021, is currently developing its direct reduced iron (DRI) plant in Boden, which is expected to be powered by hydrogen plants running on renewable electricity.
The company will use the fresh funds, which comes on top of 350 million euros in equity already raised, to help build its first factory in Boden, close to the Arctic Circle, FT said, adding that it is working with advisers at Morgan Stanley.
H2 Green Steel confirmed to FT that it had begun the final part of its financing strategy to raise more than 5 billion euros, including 3.5 billion in debt, the paper said.
The company targets 5 million tonnes in annual production by 2030, that could reduce 95% of carbon dioxide emissions compared with normal steelmaking.
($1 = 0.9108 euros)
(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Nivedita Bhattacharjee)
((Jahnavi.Nidumolu@thomsonreuters.com;))
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