The Norway-based company has completed a financing round with strategic partners, raising a significant amount of equity capital. The round included Cargill Metals, German steel trader Interfer Group, Finland's state-owned venture capital firm Tesi and Blastr founder Vanir Green Industries.
The funds raised will be used for the development of a steel mill in Inkoo, Finland, and a plant in northern Europe designed to produce 6 million tonnes per year of high-quality low-carbon DR pellets. The financing round also aims to increase organisational momentum to support commercial and supply chain activities.
As part of the next phase of development, Blastr is entering into framework agreements covering the entire green steel value chain. This includes co-operation with Cargill Metals to secure production technologies and complete the supply of pellet raw materials. The agreements, which also include the sale of surplus pellets, HBI and low carbon steel, will form the basis for construction financing discussions with strategic and financial partners. The final investment decision will be made in early 2026.
Last March, Blastr Green Steel announced its intention to invest more than €1 billion to build a pelletising plant in the Norwegian municipality of Gildeskål. The plant will be built to produce DRI pellets, which will be used as raw material for the company's green steel plant in Finland. This investment is seen as an important step towards the company's goals of environmentally friendly and sustainable production.
Blastr Green Steel's global investment programme will not only drive the company's growth, but also contribute to the evolution of the steel industry towards a more sustainable and environmentally friendly future. As Mark Bula, CEO, stated, this round of financing will play a critical role in achieving Blastr's ambitious goals and will cement the company's leadership in low carbon steel production.
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