€300M Green Steel
Innovation Fund
Accelerating breakthrough technologies for carbon-neutral steel production
Total Fund Size
Active Investments
Carbon Neutral Target
Why Apply?
Capital & Resources
- ✓ Up to €50M investment per company
- ✓ Access to ArcelorMittal's global facilities
- ✓ Technical validation and pilot testing
- ✓ Co-investment from strategic partners
Market Access
- ✓ Direct path to commercialization
- ✓ Offtake agreements with major OEMs
- ✓ European and global market entry
- ✓ Regulatory and policy support
Technical Excellence
- ✓ World-class R&D collaboration
- ✓ Access to 50+ steel experts
- ✓ State-of-the-art testing facilities
- ✓ IP protection and licensing
Strategic Partnership
- ✓ Long-term strategic alignment
- ✓ Board representation rights
- ✓ Technology transfer opportunities
- ✓ Global scaling support
Investment Criteria
Technology Readiness
TRL 4-9 with clear path to scale
Carbon Impact
>50% CO2 reduction potential
Economics
Path to cost competitiveness
Scalability
Industrial-scale potential
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For Green Steel Companies
Portfolio Overview
Track investments and performance metrics
Active Deals
Capital Deployed
ETS Savings
Portfolio TRL
Deal Pipeline
Network Multiplier
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Combined Network AUM
Direct Connections
Co-Investment Opportunities
Network Deals Completed
🤝 TITAN Co-Investment Pool
Green Hydrogen Mega-Round
$250M round | 8 TITANs participating
$31M still available
Carbon Capture Infrastructure
$180M round | 6 TITANs participating
$22M still available
TITAN Success Alert
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Discover Green Steel Technologies
Where revolution meets returns. Where physics meets profits.
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TITAN Exclusive
H2 Green Steel
Integrated green hydrogen steel production
€225M committed (75%)
Boston Metal
Molten oxide electrolysis at 1600°C
⚠️ Infrastructure score below threshold (45/100)
QuantumSteel Technologies
Breakthrough plasma arc reduction
Breakthrough: 30% below theoretical H₂ minimum through plasma catalysis. Patent pending. First industrial pilot Q3 2025.
Blastr Green Steel
H2-DRI with renewable power integration
CarbonCapture Steel
Blast furnace + CCS retrofit
❌ Physics score below minimum threshold
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Have a green steel technology?
H2 Green Steel
Integrated green hydrogen steel production facility in Boden, Sweden
Investment Summary
H2 Green Steel represents a transformative opportunity in green steel production, leveraging proven hydrogen-based DRI technology to achieve 95% CO2 reduction. With €225M already committed from tier-1 investors and 2Mt/year of production pre-sold to premium automotive OEMs, the company is positioned to capture the emerging green steel market. The €300M Series B round will fund construction of the world's first large-scale fossil-free steel plant, with operations commencing Q1 2026.
Technology Overview
H2 Green Steel is developing the world's first large-scale fossil-free steel plant, utilizing green hydrogen produced on-site through water electrolysis powered by renewable energy. The integrated facility combines 800MW of electrolyzers, hydrogen-based direct reduction, and electric arc furnaces to produce 5 million tons of high-quality steel annually by 2030.
Technology Metrics
Investment Opportunity
Total Commitments
ETS Impact
Potential to reduce ArcelorMittal's annual ETS costs by €240M through technology licensing and deployment at European facilities.
CBAM Advantage
Zero-carbon steel provides competitive advantage under EU Carbon Border Adjustment Mechanism starting 2026.
Actions
Similar Technologies
HYBRIT
SSAB, LKAB, Vattenfall JV
Capacity: 1.3 Mt/year by 2026
Stage: Pilot operational
Investors: Swedish government
Boston Metal
Molten Oxide Electrolysis
Capacity: 25 ton/day pilot
Stage: Series C ($262M)
Investors: BHP, ArcelorMittal
Blastr Green Steel
H2-DRI with renewable integration
Capacity: 2.5 Mt/year planned
Stage: Pre-construction
Investors: Not disclosed
Technology Validation
Physics Constraints
Mass Balance
Energy Balance
Thermodynamics
Reaction Kinetics
H2 Utilization
Product Quality
Material Constraints
Iron Ore (Pellets)
LKAB provides world's highest quality iron ore pellets (67% Fe) ideal for hydrogen reduction.
Green Hydrogen
Requires 250,000 tons/year. Current Swedish production: ~1,000 tons/year. Massive scaling required.
Renewable Power
800MW secured through 15-year PPAs with Vattenfall and others. Among cheapest renewable power globally.
Infrastructure Constraints
Renewable Grid
H₂ Infrastructure
Heavy Industry Base
Carbon Price
Infrastructure Summary
Strengths
- • World-class renewable power grid
- • Established steel industry (SSAB)
- • Strong port infrastructure (Luleå)
- • Supportive regulatory environment
Gaps to Address
- • H₂ production capacity (250x scale)
- • Pipeline infrastructure needed
- • Grid reinforcement for 800MW
- • Storage facilities for H₂
Investment Coalition
Buyer Coalition
Financial Analysis
Revenue Projections
Annual revenue at full capacity (2030)
EBITDA Margin
Expected margin by 2028
Payback Period
Including green premium contracts
IRR
Projected internal rate of return
Unit Economics
Investment Structure
| Total Project CAPEX | €1.5B |
| Equity Funding (Series B) | €300M |
| Debt Financing | €800M |
| Government Grants | €400M |
| AM Investment | €50M |
Leadership Team
Henrik Henriksson
Chief Executive Officer
Former CEO of Scania (2016-2020), 25+ years in heavy industry. Led Scania's transformation to sustainable transport solutions.
Maria Persson
Chief Technology Officer
Former SSAB R&D Head, pioneered HYBRIT technology. PhD in Metallurgy from KTH, 20 years in steel innovation.
Lars Kihlström
Chief Financial Officer
Former McKinsey Partner, specialized in industrial transformation. Led €10B+ infrastructure financing projects globally.
Board of Directors
| Name | Position | Background |
|---|---|---|
| Carl-Erik Lagercrantz | Chairman | Founder of Vargas Holding |
| Harald Mix | Board Member | Former CEO Allianz Capital Partners |
| Marcelo Awad | Board Member | Former EVP Antofagasta Minerals |
| TBD | Board Observer | ArcelorMittal Representative |
Governance Structure
Board Committees
- • Audit & Risk Committee
- • Technology & Innovation Committee
- • Compensation Committee
- • ESG & Sustainability Committee
Investor Rights
- • Board representation (€50M+)
- • Monthly reporting
- • Veto rights on key decisions
- • Pro-rata participation rights
Project Milestones
Risk Analysis & Mitigation
⚠️ Hydrogen Cost Volatility
Green hydrogen costs currently €5/kg vs target €2.5/kg. Price volatility threatens unit economics. Swedish H2 production capacity needs 250x scaling.
✓ Mitigation Strategy
- • 800MW on-site electrolyzer (world's largest)
- • 15-year renewable PPA at €25/MWh
- • Vertical integration reduces market exposure
- • Government H2 subsidies secured
⚠️ Construction Delays
Complex integration of H2 plant + DRI + EAF. First-of-kind at this scale. Critical path through electrolyzer delivery.
✓ Mitigation Strategy
- • Fixed-price EPC contract with Worley
- • €100M contingency budget
- • Phased commissioning approach
- • Experienced project team from HYBRIT
✓ Technology Scale-up
H2-DRI proven at 1Mt/year (Midrex). HYBRIT pilot successful. Main challenge is 5x scale-up.
✓ Mitigation Strategy
- • Technology licensed from proven suppliers
- • Modular design allows gradual ramp
- • Technical advisors from SSAB/Midrex
- • 2-year commissioning window
⚠️ Green Premium Erosion
€120/ton premium requires sustained buyer commitment. Competition from other green steel projects by 2030.
✓ Mitigation Strategy
- • 10-year binding offtakes with OEMs
- • CBAM creates €85/ton advantage
- • EU green steel mandates by 2027
- • First-mover brand advantage
H2 Green Steel - Confidential Documents
Due diligence materials. Access expires in 28 days.
Document Library
Process Flow Diagrams
Document Preview
Detailed process flow showing H2 production, DRI shaft furnace,
and EAF integration with material and energy balances
Document Activity
Series B Investment Round
H2 Green Steel - €300M funding round
Round Overview
Round Size: €300M Series B at €1.5B pre-money valuation
Lead Investor: Vargas Holding with €100M commitment
Target Close: Q1 2025 with rolling close option
Use of Funds: Boden facility construction, working capital, R&D
Current Investor Commitments
Investment Terms
| Security Type | Series B Preferred |
| Pre-Money Valuation | €1.5B |
| Liquidation Preference | 1x non-participating |
| Board Rights | 1 seat per €50M+ |
| Pro-rata Rights | For €25M+ investors |
| Anti-Dilution | Weighted average |
| Drag-Along Rights | 60% approval |
Join the Round
Strategic Value
ETS compliance savings: €240M annually
CBAM competitive advantage: €85/ton by 2026
Strategic Offtake Agreements
Securing long-term revenue through binding purchase commitments
Committed Purchasers
Master Offtake Agreement Terms
This binding pre-purchase agreement secures 40% of production capacity at a green premium of 20% above market price for zero-carbon steel meeting EU taxonomy requirements.
| Contract Term | Value |
|---|---|
| Base Price Formula | |
| Take-or-Pay Percentage | |
| Carbon Intensity Requirement | |
| Certification Standard | |
| Force Majeure Threshold | |
| Penalty for Non-Delivery |
Project Milestones
Revenue Security
CBAM Advantage
- No CBAM certificates required
- €85/ton advantage vs. imports
- Protected market position
Regulatory Sandbox
Simulate policy scenarios and their impact on green steel competitiveness
EU Emissions Trading System (ETS)
ActiveCarbon pricing directly impacts the cost advantage of green steel over conventional production methods.
Carbon Border Adjustment Mechanism (CBAM)
ActiveImport tariffs on high-carbon steel protect domestic green steel producers from unfair competition.
Green Public Procurement Mandate
ProposedRequiring public projects to use low-carbon steel creates guaranteed demand for green producers.
EU Green Steel Standard
ProposedMaximum carbon intensity threshold for steel to qualify as "green" under EU taxonomy.
Green Steel Investment Aid
ActiveDirect capital subsidies for green steel projects under EU Innovation Fund and national schemes.
Industrial Renewable PPA Support
ActiveContracts for Difference (CfD) and grid priority for industrial renewable energy consumers.
Competitiveness Score
Green Steel Advantage Score
Economic Impact
Policy Recommendations
Optimal Policy Mix:
• Maintain ETS > €80/tCO2
• Implement 50%+ GPP mandate
• Secure 40% investment aid
• Lock in renewable PPAs