Swedish GreenIron raises € 9 million to build DRI plant
GreenIron is now preparing delivery of fossil-free iron in Sandviken, Sweden, supported by SEK 100 million of additional financing provided by existing shareholders.
In April, GreenIron H2 AB obtained the environmental permit for its first full-scale production unit in Sandviken, Sweden. Construction of the facility is now ongoing and GreenIron is approaching commercial production of fossil-free iron by the end of 2024.
To secure this further expansion, GreenIron has during the summer raised SEK 100 million of additional capital from existing shareholders. This also paves the way for a larger financing round within the next six to nine months.
Edward Murray, CEO, said: “We are grateful for the confidence that our shareholders have shown in our technology and our ability to deliver fossil-free material. This enables us to continue our journey towards our goal of 300 furnaces by 2030, in the pursuit of a sustainable future. Our current focus lies in the establishment of production in Sandviken and to deliver fossil-free iron as soon as possible and thereby allowing the industry to shift production methods and begin reducing emissions.”
