European groups pump money into Swedish ‘green steel’ start-up. Agnelli and Wallenberg families invest in plan to build factory for emissions-free metal. The CEOs of Agnelli, Wallenberg, Maersk’s family, Mercedes-Benz, Scania, the Ikea Foundation and Spotify helped H2 Green Steel raise $ 105 million in its first venture capital funding. The Swedish group aims to begin production just below the Arctic in 2024 by producing alloys using hydrogen produced from renewable energy rather than traditional coke burning methods. By the end of 10 years, it plans to produce 5 million tons of emission-free steel.
FT 24th May 2021 read more »