New €2.5 billion green steel plant announced in Sweden, but details still lacking

March 15, 2021
Owning the Energy Transition
Average importance

H2 Green Steel, led by Vargas, an investment company from Sweden, is looking to build an industrial-scale steel plant using hydrogen-direct reduced iron (DRI) steelmaking technology. The initiative will be led by Henrik Henriksson, who is currently the CEO of Scania, and has ambitious plans to reach 2.5 million tons of green steel production by 2026. The proposed plant will be located in Lulea, Sweden, which also happens to be where SSAB is developing its hydrogen-DRI project, although SSAB is currently not involved in this new project. Given the stage of hydrogen-DRI technology, it is unlikely that H2 Green Steel will meet its targets, and it is unclear how it intends to raise €2.5 billion. 

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