Published by Global Banking & Finance Review®
Posted on April 14, 2026
2 min readLast updated: April 14, 2026
Add as preferred source on GoogleStegra, formerly H2 Green Steel, raised €1.4 bn (~$1.65 bn) from a consortium led by the Wallenberg family to fund its hydrogen‑based green steel plant in Boden, Sweden, having already secured ~€6.5 bn in prior financing. The plant aims for commercial start by mid‑2026.
STOCKHOLM, April 14 (Reuters) - Swedish green steel startup Stegra said on Tuesday it had raised 1.4 billion euros ($1.65 billion) from an investor consortium led by the Wallenberg family, providing a lifeline to complete construction of its greenfield plant.
Stegra, formerly known as H2 Green Steel, has sought for months to raise more cash to finish its flagship hydrogen-based steel plant in northern Sweden.
"This financing reflects the strong conviction in Stegra's business model among new and existing investors, as well as lenders," CEO Henrik Henriksson said in a statement.
Stegra said it now had a "fully funded path" to complete the plant, and would ramp up construction, with the project timeline under review. The Wallenberg-led consortium, which also included Temasek and IMAS, would take "a leading position" in Stegra, it said.
The company, which in 2024 said it had secured 6.5 billion euros in loans and equity, revealed in October last year that it was seeking additional nL5N3VU07M funds.
Wallenberg Investments said it had committed to investing 250 million euros. Its chair, Marcus Wallenberg, said the project had "clear importance to Sweden" and the group saw "a commercially viable way forward".
"That said, this remains a major and complex undertaking, and success will depend on strong execution across many dimensions."
The Wallenberg family is Sweden's most influential business dynasty, controlling firms worth hundreds of billions of dollars, including SEB, Ericsson, Atlas Copco, Electrolux and Investor AB.
The new financing has been agreed in principle, and is subject to credit approvals from lenders and finalisation of documentation, Stegra said.
The investors intend to nominate Leif Johansson as new board chair. Johansson has previously held the chairman role at companies such as Ericsson and AstraZeneca, and been CEO of Electrolux and Volvo Group.
($1 = 0.8500 euros)
(Reporting by Anna Ringstrom, Greta Rosen Fondahn and Marie MannesEditing by Terje Solsvik and Peter Graff)
Stegra secured 1.4 billion euros ($1.65 billion) in its latest funding round.
The investor consortium was led by Sweden's Wallenberg family.
The new funds will help complete Stegra's hydrogen-based steel plant in northern Sweden.
Stegra was previously known as H2 Green Steel.
The Wallenberg family controls SEB, Ericsson, Atlas Copco, Electrolux, and Investor AB.
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