Stegra Investment Is Key to Sweden’s Green Turnaround

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Doubts have swirled about the sustainability of Sweden’s green industrial revolution since last year’s collapse of Northvolt, a $10 billion electric vehicle battery maker. In recent months, those concerns have been compounded by the struggles of Stegra, a green-steel venture in the far north of the country that has quickly been running out of cash.

This week, however, some of that pressure was lifted when the Wallenbergs, Sweden’s most influential business family, said they would lead a consortium of investors to infuse $1.6 billion in Stegra, including $346 million of its own money.