French Fund Renews Backing for World’s Largest Green Steel Plant
Stegra's green-steel plant in Boden, Sweden.
Photographer: JOnthan Nackstrand/AFP/Getty Images
French hydrogen investor Hy24 plans to join Swedish startup Stegra AB’s latest funding round, saying it remains confident in its efforts to build the world’s largest green steel plant despite soaring costs and delays.
The venture faces a funding crunch and is seeking up to €975 million ($1.1 billion) to cover higher-than-expected project costs, finance infrastructure and fill a gap left by delays to state grant support. Stegra said last week it expects the process will take several months.