Blastr Green Steel has successfully executed a financing round with strategic partners, Kallanish hears from the Scandinavian start-up venture.
The equity financing round involved Cargill Metals, Germany-based steel trader Interfer Group, Finland’s state-owned venture capital investment company Tesi, and Blastr founder Vanir Green Industries.
The proceeds will be used to progress development planning for the steel plant in Inkoo, Finland, and a facility in northern Europe designed to produce 6 million tonnes/year of high-quality low-carbon DR pellet feedstock. The funding will also support organisational ramp-up aligned with commercial and supply chain activities, Blastr says.
“This successful early financing round represents a significant step towards realising Blastr’s multi-billion euro investment programme for production of pellets, sponge iron and steel at global scale,” says Blastr chief executive Mark Bula.
As part of the next development phase, Blastr is establishing framework agreements covering the entire steel value chain. This concerns the supply of steelmaking technology, and working with Cargill Metals to finalise the supply of raw materials and feedstock for pellet production. The agreements will form the basis for construction financing discussions with strategic and financial partners, with the ambition of making a final investment decision by early 2026, Blastr says.
Christian Koehl Germany
