Stegra has confirmed a new round of financing has commenced for the construction of the first large-scale green-steel plant in Boden, Sweden.
The proceeds are expected to represent around 15% of Stegra’s total project funding, comprising a mix of new equity, debt, outsourcing and selected strategic partnerships.
Stegra CEO, Henrik Henriksson, said: “The strong backing from our founders and lead investors, who are firmly committed to this project, is another testament to Stegra’s strong business case.
“Stegra has a unique position in the green steel landscape with a strong order book, a competitive cost position, and proven execution capabilities.”
The round aims to fund additional scope related to insourcing of certain infrastructure, cover high project costs, secure a financial buffer, and offset unfulfilled state grants.
The additional scope of the project includes the insourcing of railway investments and investments in port infrastructure.
The company is also advanced in discussions surrounding outsourcing opportunities.
Henriksson added: “We have progressed more than 60% of the project and have clear visibility and a detailed plan for the full runway up to completion, including a timeline extension of three months to accommodate for the additional scope.
“We will now continue to advance the project with the additional strength that will be provided by this new financing round.”
