{"id":12841,"date":"2023-04-24T16:23:15","date_gmt":"2023-04-24T16:23:15","guid":{"rendered":"http:\/\/TheNextWeb=1395834"},"modified":"2023-04-24T16:23:15","modified_gmt":"2023-04-24T16:23:15","slug":"swedish-startup-wants-e1-5bn-to-build-green-steel-plant","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=12841","title":{"rendered":"Swedish startup wants \u20ac1.5BN to build \u2018green steel\u2019 plant"},"content":{"rendered":"\n

Swedish startup H2 Green Steel<\/a> has announced its plans to raise more than <\/span>\u20ac1.5bn<\/span> in equity funding to build steel plants that emit virtually no emissions.<\/span><\/p>\n

The startup, backed by high-profile investors such as Mercedes, Maersk, and Spotify\u2019s chief executive, is constructing a \u2018green steel\u2019 manufacturing plant in Boden, north Sweden. <\/span><\/p>\n

Construction of the plant will be financed through more than <\/span>\u20ac5bn in<\/span> debt and equity. The startup said in October that it had received <\/span>support<\/span><\/a> from European financial institutions for <\/span>\u20ac3.5bn<\/span> in debt financing, making it one of the most capitalised climate tech projects in Europe<\/a>. <\/span><\/p>\n

H2 Green Steel confirmed today that it is now in the process of securing the remaining <\/span>\u20ac1.5bn<\/span> equity funding and is working with advisers from Morgan Stanley, Financial Times <\/span>reports<\/span><\/a>. <\/span><\/p>\n

Traditionally, steel is made by combining iron ore with coke (a type of coal) at extremely high temperatures. The burning coke produces carbon monoxide, which converts the iron ore into \u2018pig iron\u2019 \u2014 the basis of steel. The only problem is, when the coke burns it produces a lot of <\/span>CO<\/span>2<\/span>. In fact, the steel industry as a whole is responsible for an <\/span>estimated<\/span><\/a> 8% of global <\/span>CO<\/span>2<\/span> emissions. <\/span><\/p>\n

H2 Green Steel looks to decarbonise steelmaking by replacing coke with \u2018green\u2019 hydrogen (hydrogen produced using renewable energy). Hydrogen reacts with the iron ore to create pig iron \u2014 but without the emissions. The only by-product, the startup says, would be water vapour.  <\/span><\/p>\n

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<\/i><\/a>An artist\u2019s impression of the green steel plant in Boden. The startup hopes the plant will produce 5 million tonnes of green steel by 2030. Credit: H2 Green Steel<\/figcaption>