According to the company, it has executed conditional commitment letters for EUR3.3 billion in senior debt with AB Svensk Exportkredit (SEK) and the commercial banks BNP Paribas, ING, UniCredit, Societe Generale and KfW IPEX-Bank.

Additionally, the European Investment Bank has received board approval to provide EUR750 million of senior debt funding.
The company said export credit agencies, including Euler Hermes, have issued letters of intent to provide export credit-linked guarantees. Meanwhile, the Swedish National Debt Office has issued a letter of intent to provide a green credit guarantee.

"These strong commitments to our debt financing show how far we have come on our journey, in a very short time. We are impressed by the collaborative approach of these institutions and the leadership they are displaying in financing the transition,” said H2 Green Steel chief executive Henrik Henriksson.

 “The support from the European Investment Bank, Swedish National Debt Office and some of the world’s leading export credit agencies and banks, not only underlines our business case and debt carrying capacity, but also highlights the willingness to support initiatives that will help fulfill the target of the Paris Agreement,” he said.