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Sustainability

Green steel firms raise nearly $2 billion

by Matt Blois
September 16, 2023 | A version of this story appeared in Volume 101, Issue 31
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Two firms hoping to reduce greenhouse gas emissions from steel production have raised a total of nearly $2 billion. H2 Green Steel raised $1.6 billion to build a steel plant in Boden, Sweden. The company hopes to cut emissions by converting iron ore into metallic iron using renewable energy-based hydrogen rather than coal. Boston Metal raised $262 million for a different approach to green steel. The company uses an electrolytic cell to convert iron ore to metallic iron, eliminating the need for coal.

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