GreenIron H2 AB, the relatively new Swedish player with a proprietary recycling technology that allows for iron production using hydrogen, has collected SEK 100 million ($9m) of additional financing provided by existing shareholders.
In April, it obtained the environmental permit for its first full-scale production unit in Sandviken, Sweden (see Kallanish 2 May). Construction of the facility is ongoing and the firm expects commercial production of fossil-free iron to begin by the end of 2024.
The latest financing paves the way for a larger financing round within the next six to nine months. “This enables us to continue our journey towards our goal of 300 furnaces by 2030, in the pursuit of a sustainable future,” says company chief executive Edward Murray.
Christian Koehl Germany
