# H2 Green Steel **Source:** https://geo.sig.ai/brands/h2-green-steel **Vertical:** Climate & Energy **Subcategory:** General **Tier:** Emerging **Website:** h2greensteel.com **Last Updated:** 2026-04-14 ## Summary Boden Sweden green hydrogen steel plant (rebranded from H2 Green Steel to Stegra 2024); €6.5B funded with 800MW electrolyzer and Volvo/Mercedes/Porsche pre-sales at 20-30% premium targeting 5M tonnes by 2030. ## Company Overview 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. 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. 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. ## Frequently Asked Questions ### What is H2 Green Steel (Stegra)? H2 Green Steel, now rebranded as Stegra, is a Swedish cleantech company founded in 2020 that produces green steel with up to 95% less CO2 emissions than traditional methods. The company replaces coal with green hydrogen in the steelmaking process, using renewable energy to power Europe's largest electrolyzer. ### Who are H2 Green Steel's customers and target market? H2 Green Steel serves major automotive and industrial manufacturers including Volvo Group, Mercedes-Benz, Porsche, Scania, IKEA (Ingka Group), ZF Group, Purmo Group, and Roba Metals. The company has pre-sold over half of its planned production capacity to customers seeking to decarbonize their supply chains. ### When was H2 Green Steel founded? H2 Green Steel was founded in 2020 by Vargas Holding, the investment firm that also founded Northvolt. The company officially launched operations in 2021 under the leadership of CEO Henrik Henriksson, former CEO of Scania. ### Where is H2 Green Steel based? H2 Green Steel is headquartered in Stockholm, Sweden, and is building its flagship green steel plant in Boden, a town located 45 miles south of the Arctic Circle in northern Sweden, chosen for its access to renewable energy and deep-water port facilities. ### How much funding has H2 Green Steel raised? H2 Green Steel has raised close to €6.5 billion in total funding, including €1.5 billion in equity, €4.2 billion in debt financing, and a €250 million EU Innovation Fund grant. This represents one of the largest industrial project finance achievements in recent European history. ### What makes H2 Green Steel different from competitors? H2 Green Steel is building Europe's first large-scale green steel plant using green hydrogen instead of coal, achieving up to 95% lower CO2 emissions. The company combines cutting-edge technology (Europe's largest 800MW electrolyzer), strong customer pre-orders, and unprecedented funding to deliver commercial-scale green steel by 2026. ### Who are H2 Green Steel's main competitors? H2 Green Steel competes with other green steel initiatives including SSAB's HYBRIT project, ArcelorMittal's hydrogen-based steel projects, and ThyssenKrupp's green steel development. However, H2 Green Steel is unique in being purpose-built from the ground up specifically for green hydrogen-based production. ### How can I contact H2 Green Steel? You can contact H2 Green Steel through their website at www.h2greensteel.com (now redirecting to Stegra branding). The company maintains offices in Stockholm, Sweden, and at their Boden facility location. ### Is H2 Green Steel hiring? Yes, H2 Green Steel is actively hiring across multiple functions to support the construction and operation of its Boden facility. The company is building a diverse team of over 1,000 employees with expertise in steel production, hydrogen technology, engineering, and operations. ### What's the latest news about H2 Green Steel? In 2024, H2 Green Steel rebranded as Stegra and secured €4.5 billion in additional financing in January. The company also strengthened its partnership with Schaeffler with a €65 million investment in November 2024. The Boden plant is on track to begin production by the end of 2025 with commercial operations in 2026. ### What is H2 Green Steel's market position? H2 Green Steel is positioned as a pioneer in green steel manufacturing, being the first to build a large-scale commercial facility using green hydrogen. The company has achieved market validation through customer pre-orders exceeding 2.5 million tonnes annually and commands a 20-30% price premium over conventional steel. ### What are H2 Green Steel's future plans? H2 Green Steel plans to begin operations at its Boden facility by the end of 2025, ramp up to commercial production in 2026, and reach full capacity of 5 million tonnes of green steel annually by 2030. The company is exploring additional facilities and partnerships to expand green steel production globally. ## Tags energy, global, b2b --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*