Blastr Green Steel completes partner financing round for ultra-low CO2 steel value chain
Summary
The new investors are: None Aurora Infrastructure, a company providing industry-leading solutions for asset financing, transfer and development of existing or new electricity networks in the Nordics, None Onvest Oy, a family-owned company and partner, and enabler of sustainable growth, andThe original investors providing additional capital and increasing their ownership in Blastr are the global steel industry leader Cargill, Finlands state-owned venture capital and private equity investment company Tesi, and Blastrs founder Vanir Green Industries.Blastr warmly welcomes the new partners who all share our vision for a more sustainable steel industry, and the strong continued commitment from our founding investors. The successful closing of this second partner round is a real credit to our team and partners, demonstrating the viability of our business model and mine-to-gate value proposition, says Mark Bula, CEO of Blastr Green Steel.The proceeds of the closing will be used to progress Blastrs value chain with the steel plant in Inkoo, Finland, and further development of Blastrs pellet plant that will produce 6 million metric tonnes (Mt) of DR pellet feedstock annually.Blastr is creating a low-carbon mine-to-gate steel value chain with 90% lower C0 emissions than conventional steelmaking by using hydrogen instead of coal in the iron production process and feedstock made with carbon-free energy. This project not only leverages Finlands renewable energy resources but also creates new jobs and economic opportunities by advancing value-added processing locally. We want to support this great green transition project, as we own one of the biggest steel service companies in Finland.In late 2024, Blastr submitted the Environmental Impact Assessment (EIA) report for the Inkoo plant to the Finnish authorities. Security Trading manages Antti Herlins familys ownership of KONE and invests across different asset classes with a strong focus on people and the planet.