Stegra Secures €1.4B Funding To Complete Europe’s Largest Green Steel Plant

The funding follows months of negotiations with investors and lenders and provides Stegra with a fully funded path to complete and commission the facility.

The consortium led by Wallenberg Investments also includes Temasek and IMAS, and will take a leading ownership position in the company.

The round is further supported by existing investors such as Altor, Hy24, and Just Climate, along with backing from senior and junior lenders, subject to final approvals.

The €1.4 billion will be used to finalise construction of the Boden plant, cover increased project costs, expand infrastructure scope, and establish a financial buffer. The strengthened equity position is expected to improve the company’s financial resilience.

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Following slower progress during the funding process, Stegra plans to ramp up construction with the project timeline currently under review.

The financing agreement is subject to regulatory and credit approvals, with signing expected by the end of April and closing anticipated in June 2026.

As part of the changes following the funding, Leif Johansson is expected to become the new Chair of the Board replacing Shaun Kingsbury, who will remain on the board. Additional board appointments are set to include Håkan Buskhe and Paal Weberg, reflecting the new investor structure.

Henrik Henriksson, Stegra’s CEO, said: “This financing reflects the strong conviction in Stegra’s business model among new and existing investors, as well as lenders. It has been achieved in a very challenging macro-environment and reflects the significant efforts of everyone involved, including of course investors and banks, but also the team at Stegra and the extended family of suppliers, customers and other close partners in Boden.”

About Stegra

Founded in 2020, Stegra is a green industrial company focused on decarbonising hard-to-abate sectors. It is building an integrated plant in Boden, Sweden to produce green hydrogen, iron, and steel using renewable energy, aiming to significantly reduce emissions and drive a broader transition toward sustainable industrial production.