ImpactAlpha, Jan. 30 – H2 Green Steel’s massive raise included $4.6 billion in debt funding from a consortium of global banks and $325 million in equity from investors including Microsoft Climate Innovation Fund. The Swedish National Debt Office and insurance company Euler Hermes, now Allianz Trade, provided credit guarantees.

H2 Green Steel, which uses green hydrogen in place of traditional coke firing to reduce emissions, also secured a $270 million grant from the European Union’s Innovation Fund. That follows a $1.6 billion raise in September.

Off-takers

H2 Green Steel is building one of the first large-scale green steel plants, in Boden, Sweden. It hopes to produce 5 million tons of green steel annually by 2030. The company has already inked advance purchase agreements with auto industry players including Porsche, Volvo and, just last week, Kirchoff Automotive.