Stegra
Stegra, formerly H2 Green Steel, is building a green hydrogen steel plant in Boden. Private, no public valuation attested; €1.4B financing round in 2026.
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About Stegra
Stegra, known until 2024 as H2 Green Steel, is building an integrated hydrogen, iron and steel site in Boden, Sweden. The process replaces coal and coke with green hydrogen and renewable electricity, with emissions expected to fall by up to 95% compared with traditional blast furnaces. The company was founded in 2020, is headquartered in Stockholm and sells steel under multi-year industrial contracts; commercial-scale production is a target, not revenue already earned. It raised a $105M Series A on 24/05/2021, a €260M Series B closed on 19/10/2022, about €1.5B of equity on 07/09/2023 and about €300M on 22/01/2024. On 24/06/2026 it closed a €1.4B financing round led by a Wallenberg consortium, which took indirect control; the split between cash and conversions by second-lien lenders is not verified. The project has total financing of about €6.5B, but no valuation of the company has ever been made public, so it is not classed as a unicorn. Håkan Buskhe will become CEO on 01/11/2026.
The Story
H2 Green Steel started in 2020 in Stockholm, with Vargas as founding investor and Harald Mix as co-founder, and launched publicly on 23/02/2021.
Products & Services
Key Products
- Acciaio prodotto con idrogeno verde
- Impianto integrato per idrogeno, ferro e acciaio a Boden
- Contratti industriali pluriennali di fornitura
Core Use Cases
- Supplying low-emission steel to industrial manufacturers
- Cutting emissions in steelmaking
Market & Clients
Geographic Presence
Funding & Investors
Total Funding
Funding Rounds
- 2021 - Series A: $105M
- 2022 - Series B: €260M
Lead: AMF, GIC, Schaeffler - 2023 - Equity 2023: circa €1,5B
Lead: Altor, GIC, Hy 24, Just Climate - 2024 - Equity 2024: circa €300M
- 2026 - Financing round 2026: €1,4B
Lead: Consorzio Wallenberg Investments
Key Investors
Founding Team
Founders
Key Executives
- Henrik Henriksson - CEO (pagina corrente)
- Håkan Buskhe - CEO designato dal 01/11/2026
- Leif Johansson - Chairman
- Markus Holm - Finance
- Luisa Orre - Business Development
- Niklas Wass - Boden Operations
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Read AnalysisSources
- Stegra (ex H2 Green Steel) — Stegra
- Privacy — Stegra
- About us — Stegra
- H2 Green Steel completes USD 105 million initial funding round — H2 Green Steel (via Cision)
- H2 Green Steel completes 260 million equity financing — H2 Green Steel (via PR Newswire)
- H2 Green Steel raises 1.5 billion in equity — Stegra
- H2 Green Steel raises more than 4 billion in debt financing — H2 Green Steel (via Cision)
- H2 Green Steel changes name to Stegra — Stegra (via PR Newswire)
- Stegra granted state aid from the Industrial Leap — Vargas
- Stegra in new financing round — Stegra
- Swedish Energy Agency grants SEK 390 million in support to Stegra — Swedish Energy Agency
- Kinnevik slashes valuation of stake in Stegra — Tech.eu
- Stegra announces closing of 1.4 billion financing round — Stegra
- Changes to Stegra's board of directors and company structure — Stegra
- Management and board of directors — Stegra
- Stegra implements changes following 100-day review — Stegra
- Stegra implements changes to project organization — Stegra