H2GreenSteel

H2GreenSteel is a Swedish industrial company developing large-scale, low‑carbon steel production based on green hydrogen. Founded in 2020 by Vargas, the company is building an integrated plant in Boden, northern Sweden, that will use renewable electricity to produce hydrogen by electrolysis and apply it in direct reduction of iron ore (DRI), followed by electric‑arc furnace steelmaking. The approach is intended to substantially reduce CO2 emissions compared with conventional blast‑furnace steelmaking.

The initial facility targets around 2.5 million tonnes per year of flat steel, with on‑site hydrogen capacity sized to support the DRI process and an electrified value chain. H2GreenSteel has entered supply agreements with automotive and industrial customers and secured significant project financing and public support. Headquartered in Stockholm, the company plans first production in the second half of the decade, with potential for expansion as renewable power and raw material supply allow.