Blastr Green Steel (Blastr) has completed a second strategic partner financing round, in another step toward building its flagship steel plant in Finland.
The partner financing round included three of Blastr’s founding investors and three new investors based in Finland; Aurora Infrastructure, a company providing solutions for new electricity networks in the Nordics, Onvest Oy, a family-owned company and partner, and Security Trading Oy, an investment company.
The original investors providing additional capital and increasing their ownership in Blastr are industrial products supplier Cargill, Finland’s state-owned venture capital and private equity investment company Tesi, and Blastr’s founder Vanir Green Industries.
‘‘Blastr warmly welcomes the new partners who all share our vision for a more sustainable steel industry, and the strong continued commitment from our founding investors.''
Mark Bula, CEO, Blastr Green Steel.
‘‘Blastr warmly welcomes the new partners who all share our vision for a more sustainable steel industry, and the strong continued commitment from our founding investors. The successful closing of this second partner round is a real credit to our team and partners, demonstrating the viability of our business model and mine-to-gate value proposition’’, said Mark Bula, CEO of Blastr Green Steel.
The proceeds of the closing will be used to progress Blastr’s value chain with the steel plant in Inkoo, Finland, and further development of Blastr’s pellet plant that will produce 6Mt of DR pellet feedstock annually.
"Blastr’s green steel project is a significant industrial investment for Finland, exactly what the country needs to accelerate its transition to a sustainable future.''
Robin Lindahl, CEO, Aurora Infrastructure
Aurora Infrastructure’s CEO Robin Lindahl, added, "Blastr’s green steel project is a significant industrial investment for Finland, exactly what the country needs to accelerate its transition to a sustainable future. This project not only leverages Finland’s renewable energy resources but also creates new jobs and economic opportunities by advancing value-added processing locally. The Inkoo site, with its existing infrastructure and strategic location, is ideally suited for such an initiative. Projects like this are what we want to support at Aurora Infrastructure, and we have a proven track record of serving some of the largest industrial sites in Finland. We want to be a part of building Finland’s future strengths and the establishment of a robust hydrogen economy, meeting the growing demand for green steel.”
Blastr plans to apply for the environmental permits for the Inkoo project in 2025.