Linklaters has acted as lead counsel to the co-lead investors Altor, GIC, Hy24 and Just Climate on the c.€1.5bn private placement in H2 Green Steel, the proceeds of which will be used for the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden.

This private placement is the largest in Europe this year.

H2 Green Steel is an industrial start-up based in Sweden that aims to accelerate the decarbonisation of the steel industry – one of the hardest-to-abate industries and responsible for more than 7% of emissions according to the IEA. The plant will deliver steel with up to 95% less CO2 emissions compared to steel produced with traditional blast furnace technology, by replacing coal traditionally used in steelmaking with green hydrogen powered by renewable electricity.

Rasmus Kindlund comments:

“Facilitating the transition towards a more sustainable and environmentally friendly steelmaking process has been great to be a part of. H2 Green Steel’s innovative approach will contribute significantly to reducing global emissions and aligns with international climate goals. It has been a privilege to advise such a sophisticated group of co-lead investors in relation to this matter.”

Francesca Matthews states:

“This is an incredibly important transaction in realising Europe’s Net Zero ambitions and marks a real turning point on the road to decarbonising the industrial sector.”

The cross-practice and multi-jurisdictional Linklaters team was led by private equity partner Rasmus Kindlund (Stockholm) and Energy & Infrastructure partners Francesca Matthews and Jeremy Gewirtz (both London), supported by counsel Ina Lunneryd (Brussels), managing associates Jeppa Persson, Sophia Astberg, Arthur Klintred (all Stockholm) and David Leeming (London), and associates Erica Wesström, Donard Doka, Ninorta Yohanna, Nicola Hiestermann (all Stockholm), and Martin Preston and Louise Flynn (both London).