Stegra needs €880m more for hydrogen steel plant, names new CEO
Swedish startup Stegra says it needs at least €880 million more to finish building Europe's first hydrogen-powered steel plant, after costs rose sharply due to ramp-up expenses and inflation. The company replaced its CEO with Håkan Buskhe, an executive from key investor Wallenberg Investments, as it works with shareholders to secure extra funding. The project in Sweden had already raised €1.4 billion earlier this year.
- Stegra's hydrogen steel plant faces unexpected cost overruns
- At least €880m in new funding is needed
- Previous €1.4bn rescue round closed in April
- Håkan Buskhe, from Wallenberg, is the new CEO
- Major shareholders still support project financing
Sources covering this
More in Startups
Simple Energy raises $180M to grow e-scooter business
Electric scooter startup Simple Energy just closed a $180 million Series C round, its biggest yet.
Inbolt raises €11M for robot vision upgrade
French robotics startup Inbolt just landed €11 million to expand its AI-powered system that lets factory robots see and adapt to…
Zenithon raises $10M for AI models simulating extreme physics
Zenithon, a UK-based AI startup, has raised $10 million to build AI models that predict how complicated physical systems behave in areas…
Onomondo secures €100M to expand IoT infrastructure
Onomondo, a Copenhagen company focused on Internet of Things (IoT) infrastructure, has raised over €100 million in an investment led by…