Latest news with #Stegra
Local Sweden
2 days ago
- Business
- Local Sweden
Can Sweden's green industry dream be kept alive after Northvolt failure?
The rise and fall of battery maker Northvolt led to fears over several Swedish green industry projects, but can startup steelmaker Stegra confound the doubters? Advertisement Just outside the town of Boden in Sweden's far north a massive worksite is teeming with activity. The metal skeletons rising out of the ground hint at the brand new mill which will produce steel using technology that the company says gives off 95 percent less CO2 emissions than traditional methods. "Right now, we got the pole position," Denis Hennessy, Stegra's vice president for steel, said during a site tour. "We're in a very unique position to do some things first in the industry," Hennessy said as he described the benefits of building a completely new plant. Among heavy industries, iron and steel production is the number one CO2 emitter, according to the International Energy Agency. The traditional process gives off nearly two tonnes of CO2 for every tonne of steel made. Hydrogen The iron ore that comes out of a mine is usually rich in oxides, chemical compounds made up of iron and oxygen, and this oxygen has to be removed – usually by heating it with coke in a blast furnace – which is when most of the CO2 is released. Stegra will remove the oxygen by circulating heated hydrogen gas which binds the oxygen – creating water as a byproduct The hydrogen is also to be produced on site at an electrolyser plant powered by renewable energy. Advertisement Access to cheap renewable energy, such as hydro power in Sweden's north, is key to Stegra's business model, according to CEO Henrik Henriksson. He told a group of investors and reporters that most established European steel firms are paying three times as much for their electricity. "That gives us a relatively huge cost advantage," he added. While traditional steelmaking is still cheaper, Stegra thinks it will benefit by being able to charge a premium for "green" steel. When the company first announced plans for a new plant in 2021, it was called H2 Green Steel and had an ambitious target of starting production in 2024. It also aimed for annual output of five million tonnes of steel – more than all of Sweden's current annual output – by 2030. Northvolt's shadow It is now targeting to turn on the mills in the second half of 2026, with an initial capacity of 2.5 million tonnes of steel per year, which they hope to eventually double. This is a still a drop in the ocean compared to the near 1.9 billion tonnes of steel shipped worldwide in 2024, according to the World Steel Association. Behind Stegra is investment firm Vargas Holding, which was also a co-founder of battery maker Northvolt. Advertisement Northvolt was seen as a cornerstone in European efforts to catch up with Chinese battery producers before production delays and a debt mountain led it to declare bankruptcy in March. As Northvolt was seen as a leader in a green industrial boom in Sweden, its demise has dampened optimism. A review by Dagens Arbete, a magazine published by three labour unions, found that 20 out 30 "green industrial projects" in Sweden were either delayed or had been cancelled. Stegra also has detractors. Magnus Henrekson, a professor at the Research Institute of Industrial Economics (IFN), told AFP that the first problem with the startup was the inland location without the infrastructure to transport large amounts of steel to nearby ports. "And this is to be done by a startup, without previous experience of steel production," Henrekson said, adding that he thought that given Stegra's massive power needs, it was over optimistic to think electricity prices would remain competitive. No Chinese competitor Henrekson also noted that there are signs that the wider steel industry has lost faith in hydrogen reduced iron, highlighting ArcelorMittal's announcement in November that it was holding off decisions on several direct reduction plants – citing both market and technology concerns. Despite the challenges, Stegra's Henriksson stressed that the company was "different" from Northvolt. "We are a different team. We are a different setup," he said, adding that there was "no green steel business" in China to provide competition. Henriksson also said that a key difference was also steel as a product was much different from battery packs for vehicles – which require customers to adapt software, technology and design. Producers who want to reduce their carbon footprint can simply use Stegra's steel, he said. "On Monday ... you can run brown steel. And on Tuesday, you can run green."
France 24
3 days ago
- Business
- France 24
Steel startup aims to keep Sweden's green industry dream alive
Just outside the town of Boden in Sweden's far north a massive worksite is teeming with activity. The metal skeletons rising out of the ground hint at the brand new mill which will produce steel using technology that the company says gives off 95 percent less CO2 emissions than traditional methods. "Right now, we got the pole position," Denis Hennessy, Stegra's vice president for steel, said during a site tour. "We're in a very unique position to do some things first in the industry," Hennessy said as he described the benefits of building a completely new plant. Among heavy industries, iron and steel production is the number one CO2 emitter, according to the International Energy Agency. The traditional process gives off nearly two tonnes of CO2 for every tonne of steel made. Hydrogen The iron ore that comes out of a mine is usually rich in oxides, chemical compounds made up of iron and oxygen, and this oxygen has to be removed -- usually by heating it with coke in a blast furnace -- which is when most of the CO2 is released. Stegra will remove the oxygen by circulating heated hydrogen gas which binds the oxygen -- creating water as a byproduct The hydrogen is also to be produced on site at an electrolyzer plant powered by renewable energy. Access to cheap renewable energy, such as hydro power in Sweden's north, is key to Stegra's business model, according to CEO Henrik Henriksson. He told a group of investors and reporters that most established European steel firms are paying three times as much for their electricity. "That gives us a relatively huge cost advantage," he added. While traditional steelmaking is still cheaper, Stegra thinks it will benefit by being able to charge a premium for "green" steel. When the company first announced plans for a new plant in 2021, it was called H2 Green Steel and had an ambitious target of starting production in 2024. It also aimed for annual output of five million tonnes of steel -- more than all of Sweden's current annual output -- by 2030. Northvolt's shadow It is now targeting to turn on the mills in the second half of 2026, with an initial capacity of 2.5 million tonnes of steel per year, which they hope to eventually double. This is a still a drop in the ocean compared to the near 1.9 billion tonnes of steel shipped worldwide in 2024, according to the World Steel Association. Behind Stegra is investment firm Vargas Holding, which was also a co-founder of battery maker Northvolt. Northvolt was seen as a cornerstone in European efforts to catch up with Chinese battery producers before production delays and a debt mountain led it to declare bankruptcy in March. As Northvolt was seen as a leader in a green industrial boom in Sweden, its demise has dampened optimism. A review by Dagens Arbete, a magazine published by three labour unions, found that 20 out 30 "green industrial projects" in Sweden were either delayed or had been cancelled. Stegra also has detractors. Magnus Henrekson, a professor at the Research Institute of Industrial Economics (IFN), told AFP that the first problem with the startup was the inland location without the infrastructure to transport large amounts of steel to nearby ports. "And this is to be done by a startup, without previous experience of steel production," Henrekson said, adding that he thought that given Stegra's massive power needs, it was over optimistic to think electricity prices would remain competitive. No Chinese competitor Henrekson also noted that there are signs that the wider steel industry has lost faith in hydrogen reduced iron, highlighting ArcelorMittal's announcement in November that it was holding off decisions on several direct reduction plants -- citing both market and technology concerns. Despite the challenges, Stegra's Henriksson stressed that the company was "different" from Northvolt. "We are a different team. We are a different setup," he said, adding that there was "no green steel business" in China to provide competition. Henriksson also said that a key difference was also steel as a product was much different from battery packs for vehicles -- which require customers to adapt software, technology and design. Producers who want to reduce their carbon footprint can simply use Stegra's steel, he said. © 2025 AFP
The Print
21-04-2025
- Business
- The Print
Sweden to Host ‘Work in Sweden' Fairs in Delhi and Bengaluru to Attract India's skilled Tech Talent
New Delhi [India], April 21: In an effort to strengthen people to people ties and connect with India's skilled tech talent the Embassy of Sweden is hosting 'Work in Sweden' fairs in Bengaluru and Delhi on April 22 and 24, 2025, respectively. These fairs offer a unique opportunity for experienced professionals to explore career prospects in Sweden. As Sweden accelerates its investments in sustainable industry and innovation, the demand for global talent–especially in engineering and technology–is on the rise. Leading companies such as SSAB, Stegra, and Hitachi Energy are looking for professionals with expertise in areas like advanced steel manufacturing and High Voltage Direct Current (HVDC) technology, which are central to Sweden's green transition. Beyond talent acquisition, the initiative also reflects a strategic effort to deepen economic and knowledge partnerships between Sweden and India. By creating pathways for professional exchange and collaboration, both nations stand to benefit from shared innovation, cultural exchange, and long-term bilateral growth. 'Indian IT and engineering expertise has significantly contributed to the Swedish economy, fostering a vibrant and growing Indian diaspora. These people-to-people connections have enriched both societies, fostering greater understanding and cooperation. This 'Work in Sweden' initiative helps Sweden in connecting skilled Indian professionals with regions and employers that are investing in sustainable industry and future-facing innovation. We are not only strengthening the bilateral ties but also tapping into the remarkable talent India has to offer,' said Jan Thesleff, Ambassador of Sweden to India. Attendees will also have the chance to interact with representatives from Swedish regions, the Swedish Agency for Economic and Regional Growth, and the Swedish Embassy receiving first-hand guidance on building a rewarding career and life in Sweden. To know more about the 'Work in Sweden' fairs visit the events section on the Embassy of Sweden in India's official website : (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same) This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.
Yahoo
18-02-2025
- Business
- Yahoo
This startup is on the verge of revolutionizing one of the world's biggest industries: 'We need more companies like this'
Swedish startup Stegra is poised to clean up the fossil fuel-guzzling steelmaking industry with low-carbon "green steel," the MIT Technology Review reported. Traditional steelmaking relies on fossil fuel-heavy processes, using two tons of carbon dioxide for every ton of steel produced. The sector as a whole makes up 8% of the world's climate emissions, per MIT Technology Review. Stegra's approach could be the solution to cleaner production. The technology enables green hydrogen to react with the oxygen in iron ore, creating water as the only byproduct instead of carbon. If it can be scaled up, steel's carbon footprint could be drastically reduced while meeting the world's ongoing demand for construction, vehicles, and infrastructure. "We need more companies like this," Jessica Allen, a green steel expert from Australia's University of Newcastle, told MIT Technology Review. Founded in 2020, Stegra is building the world's first industrial-scale green steel plant in Boden, Sweden, set to open in 2026. It will initially produce 2.5 million metric tons of steel annually and scale up to 4.5 million metric tons. Located in a region rich in hydropower and wind energy, the plant will rely on clean electricity to run its massive 700-megawatt electrolyzer, the largest in Europe. That will generate the green hydrogen needed for steel production. Mass commercialization, however, won't be easy. After all, the company has "multiple steps" that haven't been proven at scale just yet, chief technology officer Maria Persson Gulda told MIT Technology Review. Those steps include operating the large electrolyzer and integrating the entire process on an industrial level. Despite the technical hurdles, Stegra's team remains optimistic. Access to low-cost renewable electricity and more than $500 million in grants from the European Union will mitigate production costs, as well as a 20% to 30% premium on its steel. The EU's upcoming Carbon Border Adjustment Mechanism also works in Stegra's favor, as it will impose carbon fees on imported steel starting in 2026. Despite the price hike, major automakers have already signed contracts for 1.2 million metric tons of Stegra's green steel over the next several years, including Mercedes-Benz, Porsche, BMW, and Volvo. For consumers, premium steel will add only about 1% to the cost of an average vehicle, making it an attractive option for companies looking to meet sustainability goals. Should the government continue to give tax incentives for energy-efficient home upgrades? Absolutely No Depends on the upgrade I don't know Click your choice to see results and speak your mind. The technology marks a win for people and the planet. Greener steel production reduces climate emissions, and mass adoption among manufacturers can significantly decarbonize the global industry, combating climate change. Cleaner byproducts also mean less pollutants released in the atmosphere, improving air quality and health for surrounding communities. Stegra's innovative technology joins a growing crop of efforts aimed to decarbonize steel manufacturing. Swedish researchers developed a smelting process that promises to remove the air pollution from steel production, and the German government has pledged $2.8 billion to steer the steel sector towards greener production. For now, Stegra's plant represents a crucial first step in demonstrating that low-carbon steel production is not only possible but economically viable. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
