Sweden’s Kinnevik Marks Down Green-Tech Firm Stegra Stake by 83%
The construction site of Stegra's green-steel plant in Boden, Sweden on June 10.
Photographer: Jonathan Nackstrand/AFP/Getty ImagesSweden’s Kinnevik AB has written down its stake in struggling green-tech startup Stegra AB by 83% as the investment company decided against joining the recent rescue package for the future steelmaker.
The €1.4 billion ($1.7 billion) financing agreed earlier this week to safeguard the future of Stegra caps months of negotiations with shareholders and lenders. It gives the company a lifeline to complete what is set to be the world’s biggest green-steel plant.