Low-carbon steel startup Stegra AB was supposed to be a champion of Sweden’s green industrial ambitions. Now the company faces a funding crunch, and is seeking up to €975 million ($1.14 billion) in new financing to cover higher than expected project costs, fund infrastructure and fill a gap left by delays to state grant support.
Stegra is one of a number of new steelmakers seeking to overhaul one of the most polluting industries in the world, and a bellwether for the sector’s green transition. It’s building its first plant in the very north of the country, near where the now-bankrupt Northvolt AB attempted to make batteries for electric vehicles. Sharing a key investor and funding model, Stegra has continued to insist it has little in common with the defunct battery maker.
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