Swedish green steel startup Stegra has announced a requirement for additional capital to complete its hydrogen-fuelled steel plant in Boden. The company revised its cost estimates upward, citing inflation and significant ramp-up expenses following a period of reduced activity earlier this year.
According to reports from Affärsvärlden, the project requires at least SEK 10 billion, approximately €880 million, to reach completion. Stegra chair Leif Johansson stated that while the financing needs exceed initial projections, the company is exploring new outsourcing and partnership opportunities to secure the necessary funds.
The company is currently working with stakeholders to address the funding gap. Major shareholders, including the Wallenberg family, Temasek, IMAS, Altor, Hy24, and Just Climate, have indicated a positive stance toward participating in the new capital-raising efforts.
Stegra has appointed Håkan Buskhe as its new CEO, replacing Henrik Henriksson. Buskhe previously served as the CEO of Saab from 2010 to 2019 and currently holds the position of head of special investments at Wallenberg Investments. He also serves on the Stegra board.
