Stegra, the Swedish company building a large-scale green hydrogen, green iron, and green steel plant in northern Sweden, has announced that it needs additional funding to complete its project in Boden, alongside a change at the top: CEO Henrik Henriksson is stepping down and will be succeeded by Håkan Buskhe, effective November 1, 2026.
The 100-Day Review
Since the new ownership group and board of directors took over in June, Stegra’s operations have been rapidly ramped up. During its first 100 days, the board, supported by external advisers, conducted a further in-depth review of the company and the project in Boden. The review concluded that the timeline for green steel production remains as expected, the business case remains strong, and that other ongoing discussions could improve the project’s cost position over time.
However, the review also found that additional capital is required to complete the project, as the estimated costs of completion are significantly higher than assumed in June. The cost increases are mainly the result of substantial ramp-up costs following the prolonged scaling back of work earlier this year, as well as inflation. Accounting, project monitoring, and cost control have been reviewed, and that work is essentially complete. A robust project plan is now in place to complete the plant.
Leif Johansson, Chair of the Board of Stegra, said: “When we took over, we said that we believed the financing would be sufficient, but that we could not rule out that more would be needed. We now have a complete picture of the project, investment by investment — how far we have come and what it has cost. The financing need is greater than we had hoped, but we have a robust plan to complete the project and have identified greater opportunities for outsourcing and partnerships than we previously thought. If anything, our belief in Stegra and in the business opportunities once the steel plant is complete is stronger today than when we came on board in June, and we are now working constructively with all of the company’s stakeholders to find a solution to the financing need.”
Leadership Change
The board has appointed Håkan Buskhe as the new CEO of Stegra as of November 1, 2026. Henriksson will assist in the handover and remain with the company as an adviser, where his knowledge of and experience with the project are seen as essential to its successful execution.
Johansson commented: “Henrik has built this company from an idea into one of Europe’s most important industrial projects. It is important that he continues to contribute with his knowledge and experience. Håkan has extensive experience of leading large industrial operations through transformation, and that is exactly the capability the company needs now.”
Owners and Stakeholders
Stegra has initiated a dialogue with its largest shareholders, who have expressed a positive view on taking part in the work to secure the capital required to complete the project. Dialogue with shareholders, financiers, partners, and other stakeholders continues at high intensity, and the company says it will provide further information as soon as it’s available. Work in Boden continues, and commitments to suppliers and customers remain unchanged.
About Stegra
Stegra is an industrial impact scale-up in the process of building its first plant for large-scale production of green hydrogen, green iron, and green steel. The company was founded in 2020 as H2 Green Steel and changed its name to Stegra in 2024 to reflect its purpose to decarbonize hard-to-abate industry, starting with steel. Its flagship plant is being built in Boden, northern Sweden, with headquarters in Stockholm.
