23 Mar 2021

Hammarskiöld advised Scania in H2 Green Steel (H2GS) EUR 50 million equity round

Hammarskiöld has acted as acted legal adviser to Swedish truck manufacturer Scania in its participation in the approx. 50 million EUR Series A equity round for financing of a completely new steel plant in Boden, in northern Sweden, where the carbon dioxide emissions per tonne of steel produced can be reduced by 95 percent thanks to a new production method and the use of hydrogen gas produced from electricity from hydropower and wind power. H2GS plans to start production at the new steel plant in 2024 with former Scania CEO Henrik Henriksson as CEO for H2GS.  Series B financing, which will be closed by Q4 2021, is expected to raise 2.5 billion EUR through a combination of equity and green project financing. The team behind H2GS includes Harald Mix and Carl-Erik Lagercrantz, both who are also part of the team behind the Swedish battery manufacturer Northvolt.

Hammarskiöld’s team consisted primarily of:

Peder Hammarskiöld (Senior Partner)

Erik Fahlgren (Partner)