GreenIron has secured up to SEK 100m ($9.2m) in funding after it obtained an environmental permit for its hydrogen-based iron production plant.
The Swedish company can now prepare for delivery of its fossil-free iron in Sandviken, supplied from its first full-scale production unit. Construction of the facility is underway and GreenIron expects commercial production by the end of the year.
The funding, provided through additional capital from GreenIron’s shareholders, will lead to a larger financing round within the next six to nine months. Edward Murray, GreenIron’s CEO, praised the confidence shown by the company’s shareholders.
Murray added, “This enables us to continue our journey towards our goal of 300 furnaces by 2030, in the pursuit of a sustainable future.
