Swedish green steel startup Stegra stated on Monday it had appointed Markus Holm as chief financial officer as it scrambles to raise more cash to finish its hydrogen-based steel plant in northern Sweden.
Across Europe, a number of green steel projects have been delayed or run into difficulties as the technology remains new and investment costs high. Stegra had earlier planned to open its plant this year, but now expects to do so in 2027.
Stegra stated in October it was seeking an additional $1.1 billion in financing. In January, it stated it expected to conclude its financing discussions in the first quarter.
On Thursday, a company spokesperson stated Stegra was still working on it.
“As we have announced earlier, we expect to required Q1 to complete the financing round,” the spokesperson stated.
Stegra stated Holm, most recently CFO and board member at Estonia-based green energy technology startup Elcogen Group, would start March 1.
Setbacks in Sweden’s green industrial transition
Stegra is one of several projects underpinning Sweden’s ambition to become a leader in Europe’s green industrial transition, supported by access to low-cost, carbon-free electricity. But those efforts have faced setbacks, most notably the bankruptcy of battery buildr Northvolt last year. In October, the Financial Times cited people familiar with the company’s financing as stateing the risk of insolvency had been discussed at a Stegra board meeting.
Stegra at the time stated it didn’t recognise what it called a “one-sided picture”. In November, CEO Henrik Henriksson stated Stegra was not in a crisis.
The startup, previously called H2 Green Steel, in October stated it was in advanced talks about outsourcing some operations.
Stegra stated on Thursday its CFO for the past five years, Otto Gernandt, would become a senior advisor, focapplying on the funding initiatives.
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