COPENHAGEN, June 24 (Reuters) – Swedish startup Stegra said on Wednesday its €1.4 billion ($1.59 billion) financing round led by a Wallenberg investments-consortium was completed, with strong support from existing investors as well as the original lender group.
Stegra in April said it had raised €1.4 billion in new financing led by Sweden’s dynastic Wallenberg family, providing a lifeline to complete construction of Europe’s first hydrogen-based steel factory.
The financing provides a reprieve for one of the few remaining large green steel projects in Europe, where high investment costs and the challenges of scaling green hydrogen have forced several planned projects to be curtailed.
Stegra said in a statement on Wednesday that the financing had also received a 100% approval from the Stegra lender group.
($1 = 0.8798 euros)
Reporting by Anna Ringstrom, editing by Louise Rasmussen.
