Green steel startup Stegra has finalised €1.4 billion ($1.58 bn) financing round, strengthening its financial position as it prepares to ramp up construction of its flagship near-zero emissions steel plant in Boden, Sweden.
The successful completion of the round follows an agreement in principle announced in April 2026 and comes after securing all necessary regulatory and customary approvals.
A consortium led by Wallenberg Investments spearheaded the funding injection. The group includes existing heavyweights IMAS and Temasek alongside new investors Bolero and SEB-Stiftelsen. Private equity firm Altor has increased its commitment to become Stegra’s second-largest shareholder. A broad coalition of existing backers—including Hy24, Just Climate, AMF, AP2, and Scania—also participated, whilst a group of second-lien lenders led by AIP Management transitioned into direct equity investors.
Importantly, the transaction secured unanimous approval from Stegra’s existing lender group, granting the company full access to undrawn debt facilities established during its 2024 financing framework.
Henrik Henriksson, Chief Executive Officer of Stegra, noted that the closed round leaves the company with a higher equity ratio and a much more resilient financial structure. He welcomed the expanded Swedish ownership and expressed gratitude for the ongoing, constructive support from the Swedish National Debt Office and SEK. Henriksson described the investment as a powerful vote of confidence in the company’s business case and its mission to bring green steel to the global market.
Håkan Buskhe, Head of Special Investments at Wallenberg Investments and incoming Stegra board member, emphasized the strategic importance of the Boden facility, stating that the large-scale green project is vital for maintaining Sweden’s industrial competitiveness and securing the European Union’s broader supply chain.
With the capital secured, Stegra is actively accelerating construction activities at the Boden site, whilst concurrently reviewing the overall project timeline to optimise the upcoming commissioning phase.
