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H2 Green Steel
Integrated green hydrogen steel production
Boston Metal
Molten oxide electrolysis at 1600°C
Blastr Green Steel
H2-DRI with renewable power integration
H2 Green Steel
Integrated green hydrogen steel production facility in Boden, Sweden
Technology Overview
H2 Green Steel is developing the world's first large-scale fossil-free steel plant, using green hydrogen produced on-site through water electrolysis powered by renewable energy. The integrated facility will produce 5 million tons of high-quality steel annually by 2030.
H2 Consumption
Energy Usage
CO2 Reduction
Production Cost
Key Success Factors
- ✅ Renewable Power: 800 MW secured through long-term PPAs
- ✅ Customer Commitments: Offtake agreements with Mercedes, BMW, Scania
- ✅ Strategic Location: Access to renewable power and iron ore
- ✅ Proven Team: Leadership from SSAB, Vattenfall, McKinsey
Investment Highlights
ETS Impact
Potential to reduce ArcelorMittal's annual ETS costs by €240M through technology licensing and deployment at European facilities.
CBAM Impact
Zero-carbon steel provides competitive advantage under EU Carbon Border Adjustment Mechanism.
Physics-Based Process Validation
Mass Balance
Energy Balance
Thermodynamics
Reaction Kinetics
Technical Verification Summary
Independent analysis confirms process viability. Hydrogen consumption of 48 kg/ton steel aligns with theoretical minimums for direct reduction. Energy requirements validated against pilot plant data.
Financial Projections & Analysis
Revenue Projections
Annual revenue at full capacity (2030)
EBITDA Margin
Expected margin by 2028
Payback Period
Including green premium contracts
Unit Economics
Leadership Team
Henrik Henriksson
CEO
Former CEO of Scania, 25+ years in heavy industry
Maria Persson
CTO
Former SSAB R&D Head, expert in DRI technology
Lars Kihlström
CFO
Former McKinsey Partner, infrastructure finance expert
Board of Directors
- Carl-Erik Lagercrantz - Chairman, Founder of Vargas
- Harald Mix - Former CEO of Allianz Capital Partners
- Marcelo Awad - Former Executive VP at Antofagasta Minerals
ArcelorMittal Integration Strategy
Technology Transfer Plan
- ✅ Phase 1: Pilot deployment at Dunkirk facility (2026)
- ✅ Phase 2: Scale to Bremen and Eisenhüttenstadt (2027)
- ✅ Phase 3: Full European rollout (2028-2030)
- ✅ Exclusive licensing rights for European operations
Knowledge Transfer
- • Joint R&D center in Luxembourg
- • 50 AM engineers training program
- • Process optimization collaboration
- • Digital twin technology sharing
Commercial Synergies
- • Joint customer approach
- • Green steel certification
- • Supply chain integration
- • Shared renewable procurement
Risk Analysis
⚠️ Key Risks
- • Hydrogen cost volatility
- • Construction timeline delays
- • Competition from MOE technology
- • Green premium sustainability
- • Renewable power availability
- • Technology scale-up challenges
✓ Mitigation Strategies
- • Long-term renewable PPAs secured
- • Experienced EPC contractor (Worley)
- • Strong customer offtake agreements
- • Government support secured
- • Technology insurance coverage
- • Staged investment approach
Risk Rating Matrix
H2 Green Steel - Virtual Data Room
Confidential documents for due diligence. Access expires in 28 days.
Documents
Process Flow Diagrams
Document Preview
Detailed process flow showing H2 production, DRI shaft furnace,
and EAF integration with material and energy balances
Document Activity
Investors Coalition - Series B Round
H2 Green Steel - €300M Series B Investment Round
Round Overview
Round Size: €300M Series B at €1.5B pre-money valuation
Lead Investor: Vargas Holding leading with €100M commitment
Target Close: Q1 2025 with rolling close option
Use of Funds: Boden facility construction, working capital, technology development
Current Investor Commitments
Key Terms (Non-Binding)
- Valuation: €1.5B pre-money
- Security: Series B Preferred Shares
- Liquidation Preference: 1x non-participating
- Board Rights: 1 seat per €50M+ investor
- Pro-rata Rights: For €25M+ investors
- Exit Rights: Tag-along, drag-along standard
Join the Round
Master Investment Agreement Terms
This term sheet for €50,000,000 investment represents a binding commitment to lead/participate in the Series B round at a €1.5B pre-money valuation.
Economic Terms
| Security Type | |
| Liquidation Preference | |
| Dividend Rate | |
| Anti-Dilution Protection | |
| Conversion Rights |
Control & Governance
| Board Representation | |
| Protective Provisions | |
| Information Rights | |
| Pro-Rata Rights | |
| Voting Agreement |
Strategic Rights (ArcelorMittal Specific)
| Technology License | |
| ROFR on Capacity | |
| Joint R&D Rights | |
| Strategic Veto |
Exit & Liquidity
| Registration Rights | |
| Tag-Along Rights | |
| Exit Timeline | |
| Minimum Return |
Conditions Precedent
| Due Diligence | |
| Regulatory Approvals | |
| Key Person Insurance | |
| Closing Date |
Binding Commitment: Upon execution, ArcelorMittal commits to invest the specified amount subject only to customary closing conditions. This term sheet supersedes all previous discussions and creates legally binding obligations for both parties.
Strategic Value
ETS savings potential: €240M annually
CBAM competitive advantage: €85/ton by 2026