Blastr Green Steel has successfully closed a strategic financing round with key partners, marking a significant milestone in the development of its integrated ultra-low CO2 steel value chain in Europe. Global steel industry leader Cargill Metals, Germany-based steel trader Interfere Group, Finland’s state-owned venture capital firm Tesi, and Blastr’s founder Vanir Green Industries participated in the equity financing.
The proceeds from this round will accelerate the development planning for Blastr’s flagship steel plant in Inkoo, Finland, as well as a facility in Northern Europe focused on producing 6 tons of high-quality low-carbon direct reduced (DR) pellets feedstock annually. Additionally, the funding will support organizational ramp-up aligned with commercial and supply chain activities.
As part of its next development phase, Blastr is establishing comprehensive framework agreements across the green steel value chain. These agreements span from securing steelmaking technology to finalizing raw material supplies with Cargill Metals, and from pellet production to sales of surplus pellets, hot briquetted iron (HBI), and low-cost, ultra-low CO2 steel products with efficient logistics.
These strategic agreements are pivotal as Blastr prepares for discussions on construction financing with key strategic and financial partners. The company aims to finalize investment decisions for both the pellet plant and the steel plant by early 2026, with production slated to commence before 2030.
The completion of the partner financing round is subject to approval by the general meeting of Blastr scheduled for June 28, 2024.
