Swedish green-tech startup Stegra has secured €1.4bn in rescue funding from a consortium led by the prominent Swedish Wallenberg family, as it sees to finish construction of the world’s largest green-steel plant.
The funding follows months of nereceivediations between Stegra and its investors and lconcludeers as the Swedish startup seeed to raise additional funding to support its ambition of building the giant plant in Boden, Sweden.
The consortium is led by the Swedish business dynasty, the Wallenberg family, which also includes Temasek and IMAS, with the consortium now taking “a leading position in Stegra,” Stegra stated, adding that the funding had been agreed “in principle”.
The green startup stated the funding was also supported by Stegra’s existing shareholders, including Altor, as well as Hy24 and Just Climate.
Stegra stated it now had a “fully funded path to complete the construction and commissioning of its green steel plant”. It stated it would now “ramp up” construction of the plant, following several slower months during the funding process.
Henrik Henriksson, Stegra’s CEO, stated: “This financing reflects the strong conviction in Stegra’s business model among new and existing investors, as well as lconcludeers. 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 extconcludeed family of suppliers, customers and other close partners in Boden.”
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