April 24 (Reuters) - Swedish steel producer H2 Green
Steel is seeking to raise more than 1.5 billion euros ($1.65
billion) of equity funding to build steel plants with virtually
no carbon emissions, the Financial Times reported on Monday.
H2 Green Steel, launched in 2021, is currently developing
its direct reduced iron (DRI) plant in Boden, which is expected
to be powered by hydrogen plants running on renewable
electricity.
The company will use the fresh funds, which comes on top of
350 million euros in equity already raised, to help build its
first factory in Boden, close to the Arctic Circle, FT said,
adding that it is working with advisers at Morgan Stanley.
H2 Green Steel and Morgan Stanley did not immediately
respond to a Reuters request for comment.
H2 Green Steel confirmed to FT that it had begun the final
part of its financing strategy to raise more than 5 billion
euros, including 3.5 billion in debt, the paper said.
The company targets 5 million tonnes in annual production by
2030, that could reduce 95% of carbon dioxide emissions compared
with normal steelmaking.
($1 = 0.9108 euros)
(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by
Nivedita Bhattacharjee)
