Stegra Boden

Status

1. Announced
2. Funded2024-01-22
3. FID taken
4. In construction2026-04-04
5. Operating

• 2024-01-22FundedFunding of close to €6.5 billion closed, including a €250 million EU Innovation Fund grant. The company was then called H2 Green Steel.source
• 2026-04-04In constructionAll 37 electrolyser modules in place at the 740 MW hydrogen unit; pre-commissioning still to run. The €1.4 billion round that closed on 24 June 2026 is a source on this row and not a history entry — it refinanced the build rather than moving its status, and the company states the timeline is under review.source

Technology and measures

• Direct reduction with an electric furnacedemonstrationIron ore is reduced in the solid state with gas rather than smelted with coke in a blast furnace, and the resulting iron is melted in an electric furnace. It is the route Europe's integrated sites are converting to, and it is being built to run on natural gas first and hydrogen later, which is why the conversion and the fuel are two different questions with two different timetables.
• Hydrogen direct reductionpilotThe reducing gas is hydrogen rather than natural gas, so what leaves the furnace is water rather than CO2. It is the only route that takes the chemistry of ironmaking to near zero, and it is separated from the conversion itself because every European unit under construction is being commissioned on natural gas and switched later.
• Renewable hydrogen supplydemonstrationThe electrolysers, power contracts and pipelines that have to deliver hydrogen at industrial volume and at a price the iron pays for, and which no single steel site can build for itself. It stands beside CO2 transport and storage as the other thing that sector is waiting for rather than doing. IT IS NOW SHARED. Steel reached it as a dependency; the hydrogen dataset reaches it as the thing being built, so the technology carries both sectors rather than being duplicated under a second name.

Funding

• €250 mEU Innovation Fundapprovedets:FND-03Awarded under the Innovation Fund as it stands today (Art. 10a(8) of Directive 2003/87/EC). The register carries the Fund through the ETS revision's Art. 10cb, which re-establishes it, so ets:FND-03 is the register's handle on the programme rather than the provision this award was made under.“The company has also been awarded a €250 million grant from the EU Innovation Fund.”source

Sources

• H2 Green Steel raises more than €4 billion in debt financing for the world's first large-scale green steel plantStegra (as H2 Green Steel) · 2024-01-22
• Stegra announces closing of €1.4 billion financing roundStegra · 2026-06-24
• Stegra's plant in Boden recognized as a net-zero project important for the EU's climate goalsStegra · 2026-04-27