Sweden’s Stegra Faces Funding Crunch in Echo of Northvolt
Sweden’s Stegra Faces Funding Crunch in Echo of Northvolt
Low-carbon steel startup Stegra AB was supposed to be a champion of Sweden’s green industrial ambitions. Now the company faces a funding crunch, and is seeking up to €975 million ($1.14 billion) in new financing to cover higher than expected project costs, fund infrastructure and fill a gap left by delays to state grant support.
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(Bloomberg) — Low-carbon steel startup Stegra AB was supposed to be a champion of Sweden’s green industrial ambitions. Now the company faces a funding crunch, and is seeking up to €975 million ($1.14 billion) in new financing to cover higher than expected project costs, fund infrastructure and fill a gap left by delays to state grant support.
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