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.