Swedish green steel manufacturer Stegra is confronting a severe financial crisis as its funding gap surges to €1.5 billion. The company, founded by the same financiers behind bankrupt battery maker Northvolt, has approximately 1.7 months of liquidity remaining as it races to secure new financing.
Funding Crisis Deepens for Green Steel Startup
Swedish green steel company Stegra is battling to avoid becoming the second multibillion-euro European green industrial project to face insolvency within a year, according to financial reports. The startup, which has raised $6.5 billion in debt and equity, faces mounting financial pressures just 11 months after its sister company Northvolt, launched by the same Swedish financiers, declared bankruptcy despite raising $15 billion.