(MENAFN- PR Newswire)
STOCKHOLM, Sept. 12, 2024 /PRNewswire/ -- The industrial scale-up H2 Green Steel is changing its name to
Stegra. The company's purpose is to decarbonize hard to-abate industries. Stegra will do so by leveraging all three platforms it works with: green hydrogen, green iron and green steel.
H2 Green Steel was launched in 2021 to reduce emissions in the steel industry on a very ambitious timeline. By showing that it can be done, the company also aimed to inspire the incumbent steel industry to speed up the pace of change. Having secured funding of €6.5 billion and being well on its way to building the world's first large-scale green steel plant – with start of production in 2026 – the company now starts a new chapter with a new name: Stegra.
"The team continues to prove that it is possible to do more and to change things fast, also in an industry that has for a long time been considered difficult to decarbonize. As we continue this journey, we leave our more descriptive project name behind, and take on the name Stegra, which reflects our long-term ambitions," says Henrik Henriksson, CEO, Stegra.
Since its launch, the company's purpose has been reshaped to be the accelerator of decarbonization in hard-to-abate industries. Hard-to-abate industries rely heavily on fossil fuels, making emissions cuts more challenging. Those are the industries Stegra will tackle. And showing that it's possible in the steel industry, using renewable electricity, is the first step.
"Stegra is a Swedish word which means to 'to elevate'. It captures the team's spirit to rise in the face of challenges and always continue to move onwards and upwards. It's a constant reminder of the company's purpose and honors our Swedish roots and where it all began in Boden," says Henriksson.
The name Stegra is future proof for the journey ahead, which is based on the three distinct platforms that are being built in Boden:
Green hydrogen: one of the world's largest electrolyzers
Green iron: where the bulk of the emissions are reduced by replacing coal and coke in traditional steelmaking with green hydrogen – emitting water instead of carbon emissions
Green steel: a fully electrified large-scale production facility for near zero emissions steel
Over the long term, Stegra will explore the potential for growth, leveraging all three platforms and making use of the competence and experience being developed in the flagship plant in Boden.
Stegra has a solid funnel of potential projects outside of Sweden that are being explored as part of a longer-term outlook.
They are characterized by locations where the company's customers need help with value-chain decarbonization and which offer abundant access to renewable electricity and strong grid connections. Locations under consideration include Portugal, Canada and Brazil.
"Presently, a project in Portugal, where the site selection has been made and land reserved near Sines, is the most advanced. Notification on substantial allocation of the power needed has been made to Stegra and our local value chain partnerships continue to evolve," says Henriksson.
For more information, contact:
Karin Hallstan, Head of Public and Media Relations or Nils Eklund, Public and Media relations manager Boden, Stegra at
[email protected]
or +46
79
006
03
99
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