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Sweden’s response to Elon Musk wants to be the first in the world for fossil-free steel

The company H2Greensteel stunned Norrbotten and Sweden when they recently presented an investment in a completely new factory for fossil-free steel in Boden. The founder and chairman of the board Carl Erik Lagercrantz brings with him heavyweights such as Kinnevik’s Christina Stenbeck, the financier Harald Mix and the Spotify founder Daniel Ek.

The basic investment costs SEK 25 billion. The factory will be built from scratch in two years, and will deliver green steel as early as 2024 – the first in the world.

Thus, they are cocky challengers to Hybrit. The prestige project owned and operated by SSAB, LKAB and Vattenfall, which also promised to be the first in the world with fossil-free steel, but which will begin in 2026 – and reach full scale only 10-15 years later. Hybrit has many aces on hand: The project has been around for several years, it already has steelworks, power plants and mines, and there is already a pilot plant rolling in Luleå.

Several key people from Northvolt

But H2Green Steel’s heaviest trump card and what makes people seem to believe in the offensive schedule is that the business plan and several key people come from Northvolt (which Lagercrantz started with the former Tesla director, Peter Carlsson). The company that in record time managed to build Europe’s largest battery factory in Skellefteå – including for electric cars.

Both projects claim that the competition is unimportant, and that the investments complement each other and strengthen Sweden’s profile with green steel.

But at the same time, Carl Erik Lagercrantz believes that one should revolutionize an industry; as Spotify did with the music, and as Elon Musk and his Tesla did with cars, then it is an advantage to be an outsider starting with “a white paper”. In the video, he explains why.

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