Company Overview
About H2 Green Steel
Stegra (formerly H2 Green Steel, rebranded 2024) is a Boden, Sweden-based green steel manufacturer — backed with approximately €6.5 billion in total funding from investors including Schaeffler (€100M total), Vargas Holding, and 20+ strategic and financial investors spanning the founder of Spotify to industrial corporations — building Europe's first large-scale green hydrogen steel plant in Boden, 45 miles south of the Arctic Circle, with operations expected by end of 2025 and commercial production ramping in 2026 toward 5 million tonnes annually by 2030. Founded in 2020 by Vargas Holding (the same investment group behind Northvolt), Stegra is led by CEO Henrik Henriksson (former CEO of Scania). The Boden facility features Europe's largest green hydrogen electrolyzer (800 MW), a MIDREX H2 DRI (direct reduced iron) plant, and a downstream steel mill supplied by SMS Group — replacing the coal-based blast furnace process with green hydrogen electrolysis, producing steel with up to 95% less CO2 than conventional production. Stegra has pre-sold over 50% of planned production capacity at 20-30% price premiums to customers including Volvo Group, Mercedes-Benz, Porsche, and IKEA's parent Ingka Group.
Business Model & Competitive Advantage
Stegra's green hydrogen steel process addresses the decarbonization imperative for the steel industry, which accounts for approximately 10% of global CO2 emissions and has been largely inaccessible to renewable energy substitution due to the blast furnace process's coal dependency: traditional steelmaking uses coking coal in blast furnaces to reduce iron ore (Fe2O3) to iron (Fe) through a carbon monoxide chemical reaction, emitting 1.8-2.2 tonnes of CO2 per tonne of steel. Stegra's green hydrogen DRI route (using renewable electricity to electrolyze water into green H2, then using H2 to reduce iron ore in the MIDREX process, emitting only steam/water) enables the same net chemical transformation with near-zero carbon emissions — provided renewable electricity from Sweden's abundant hydro and wind resources powers the 800 MW electrolyzer. Sweden's competitive renewable electricity prices (0.03-0.05 €/kWh versus European averages of 0.08-0.12 €/kWh) create the cost economics that make green H2 steel commercially viable at scale.
Competitive Landscape 2025–2026
In 2025, Stegra competes in the green steel, industrial decarbonization, and automotive supply chain sustainability market with SSAB (STO: SSAB-A, Swedish steel, HYBRIT green steel project, first commercial fossil-free steel 2026), ArcelorMittal (AMS, global steel leader, €72B revenue, XCarb green steel program), and Thyssenkrupp Steel (Düsseldorf, electric arc furnace transition, €8B steel revenue) for European automotive OEM green steel supply agreements under EU CBAM carbon border adjustment requirements. The Schaeffler €100M strategic investment (with co-development of green e-steel for electromobility) reflects automotive Tier 1 suppliers' need to decarbonize their steel supply chains to meet OEM Scope 3 emission requirements. The 2025 priority is commissioning the Boden plant on schedule and demonstrating commercial-scale production quality before ramping customer deliveries.
The H2 Green Steel Story
Founders
Recent Activity
View all →Material Event filed 2026-05-18
Quarterly Report filed 2026-05-15
Material Event filed 2026-05-01
Proxy Statement filed 2026-04-30
Material Event filed 2026-04-16
Material Event filed 2026-04-09
Annual Report filed 2026-03-31
Material Event filed 2026-03-25
Company Timeline
Major milestones in H2 Green Steel's journey
Leadership Team
Meet the leaders behind H2 Green Steel
Henrik Henriksson
Henrik Henriksson became CEO of H2 Green Steel in 2021, bringing extensive leadership experience from his tenure as CEO of Scania (2016-2021) and as a member of the executive team at TRATON SE. His vision guides the organization on its mission to decarbonize heavy industry.
Otto Gernandt
Otto Gernandt serves as Chief Financial Officer, overseeing the company's financial strategy and managing one of Europe's largest industrial project finance achievements with close to €6.5 billion in total funding.
Maria Person Gulda
Maria Person Gulda leads H2 Green Steel's technology development, overseeing the design and implementation of Europe's largest green hydrogen electrolyzer and innovative steel production processes.
Key Differentiators
Emerging Innovator
H2 Green Steel is an emerging player bringing innovative solutions to the Climate & Energy market.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
Based on estimated brand signals. Historical tracking coming soon.
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