🇸🇪 Stegra supported by the EU Innovation Fund
The EU Innovation Fund, which is one of the world’s largest funding programs, focuses on highly innovative technologies and flagship projects within Europe that can bring about significant emission reductions. It is about sharing the risk with project promoters and putting the spotlight on first-of-a-kind, highly innovative projects.
In 2023, Stegra was selected as one of the strategic cleantech initiatives that the EU Innovation Fund will invest in. The Innovation Fund supports innovative projects that aim to speed up decarbonization – a great match for Stegra which later signed a €250 million grant agreement under the Innovation Fund through the European Climate, Infrastructure and Environment Executive Agency (CINEA).
The selection is made in very tough competition with other projects and after thorough vetting, so being chosen is a true sign of the strength of our venture. Out of 239 applications, 41 companies were selected, and we are one of them.
We’re building a next-generation steel mill in northern Sweden, complete with a green hydrogen and green iron plant. It will be powered by renewable electricity and consequently deliver CO2 emissions reductions of up to 95 percent. Steel is one of the dirties industries today, so shifting to sustainable production methods is crucial. Other industries depend on steel, and recycled steel alone won’t meet future demand of volumes or quality.
The support from the EU Innovation Fund shows how the EU is walking the talk in increasing the support for cleantech companies. The fund is financed by revenues from the emissions trading system, where the CO2 emitting companies pay for their emission allowances.
Originally published on 15 April by Stegra.
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