Investment business Just Climate has made an undisclosed investment in Swedish industrial start-up H2 Green Steel, to aid the development of its Boden plant project in northern Sweden.

A spokesperson said the investment in H2 Green Steel forms part of the steelmaker’s €260m Series B fundraising, announced in October last year.

“We established Just Climate to accelerate commercialisation of solutions for the hardest-to-abate emissions.''

Clara Barby CBE, senior partner of Just Climate

Clara Barby CBE, senior partner of Just Climate, said: “We established Just Climate to accelerate commercialisation of solutions for the hardest-to-abate emissions. Some solutions will come from new businesses, others from large incumbents. Our first investments demonstrate this range and have the potential to generate attractive risk-adjusted returns through outsized greenhouse gas emissions abatement in the next 10 years.”

''Being among the first green impact investments of Just Climate shows the impact our company will have on some of the dirtiest industries today.”

Henrik Henriksson, CEO of H2 Green Steel

Henrik Henriksson, CEO of H2 Green Steel, said: “Those who have invested in our company are all at the forefront of enabling the change required to meet the targets of the Paris Agreement. Just Climate is no exception. They believe in our business case as well as our purpose to accelerate decarbonisation of heavy polluting industries. Being among the first green impact investments of Just Climate shows the impact our company will have on some of the dirtiest industries today.”