Fintech PR
H2 Green Steel raises more than €4 billion in debt financing for the world’s first large-scale green steel plant
STOCKHOLM, Jan. 22, 2024 /PRNewswire/ — H2 Green Steel signs definitive debt financing agreements for €4.2 billion in project financing and increases the previously announced equity raised by €300 million. Total equity funding to date amounts to €2.1 billion. The company has also been awarded a €250 million grant from the EU Innovation Fund. H2 Green Steel has now secured funding of close to €6.5 billion for the world’s first large-scale green steel plant in Northern Sweden.
H2 Green Steel is driving one of the largest climate impact initiatives globally. The company was founded in 2020 with the purpose to decarbonize hard-to-abate industries, starting by producing steel with up to 95% lower CO2 emissions than steel made with coke-fired blast furnaces. The construction of the flagship green steel plant in Boden, with integrated green hydrogen and green iron production, is well under way. The supply contracts for the hydrogen-, iron- and steel equipment are in place. A large portion of the electricity needed has been secured in long-term power purchase agreements, and half of the initial yearly volumes of 2.5 million tonnes of near zero steel have been sold in binding five- to seven-year customer agreements.
Today H2 Green Steel announces a massive milestone on its journey to accelerate the decarbonization of the steel industry, which is still one of the world’s dirtiest. The company has signed debt financing of €4.2 billion, added equity of close to €300 million and been awarded a €250 million grant from the Innovation Fund. Funding amounts to €6.5 billion in total.
H2 Green Steel has signed definitive financing documentation for €3.5 billion in senior debt and an up-to-€600 million junior debt facility:
- Consistent with project financings, international banks providing the senior debt will be lending in part under cover provided by Riksgälden (Swedish National Debt Office), as a green credit guarantee and Euler Hermes as an export credit cover for €1.2 billion each. The guarantees cover 80% and 95% of the loan amount respectively, and are provided in accordance with market pricing.
- The group of over 20 lenders includes Svensk Exportkredit (SEK) and the European Investment Bank together with commercial banks, led by BNP Paribas, ING, KfW IPEX-Bank, Societe Generale and UniCredit.
- The junior debt consortium is led by AIP Management and comprises European and international investment banks and funds.
H2 Green Steel has also raised close to €300 million more from investors, bringing the equity in the project to a total of €2.1 billion. New shareholders include Microsoft Climate Innovation Fund, Mubea and Siemens Financial Services. Additionally, IMAS Foundation and Just Climate are some of the existing shareholders which are increasing their investments in H2 Green Steel.
In September 2023, H2 Green Steel announced it had raised €1.5 billion in equity, making it the largest private placement round in 2023 in Europe. Before that, the company closed its series A equity round of €86 million in May 2021 and announced the close of its series B1 round of €260 million in October 2022.
H2 Green Steel has also signed a €250 million grant agreement under the Innovation Fund through the European Climate, Infrastructure and Environment Executive Agency (CINEA). The Innovation Fund is financed by the European Union’s Emissions Trading System and supports innovative projects that aim to speed up decarbonization of European industry and accelerate the green transition.
“No one has scrutinized our project more thoroughly than those who back our financing. This massive commitment from our lenders, investors and the Innovation Fund is true recognition of the quality of our company. It’s also a big win for the climate as we hope the model will inspire the financing of other decarbonization initiatives in hard-to-abate industries,” says Henrik Henriksson, CEO of H2 Green Steel.
“We have gone through this process working side-by-side with many different stakeholders. We have worked as one big team, broken new ground and found innovative solutions in structures and ways of working that are normally rigid. The result is a historical milestone for one of the biggest decarbonization ventures globally,” Otto Gernandt, Chief Financial Officer, H2 Green Steel.
“H2 Green Steel is an excellent example of the kind of breakthrough projects that the EU Innovation Fund is supporting. The EU is proud to support these solutions to decarbonize the European steel industry and keep it competitive in a challenging global environment. We congratulate the H2 Green Steel team on their dedication and hard work, and look forward to supporting similar initiatives all over Europe,” said Kurt Vandeberghe, Director General for Climate Action, European Commission.
Comments from lenders:
“It has been a both long and exciting journey working side-by-side with H2 Green Steel as well as national and international stakeholders. Together we have now accomplished a very important milestone in the future decarbonization of the hard-to-abate industries. Along the way, we have broken new ground, built some fantastic relationships and we look forward to continuing to do our bit to support the climate transition,” says Magnus Montan, CEO SEK.
“We are extremely proud that we have been able to play a part in this landmark transaction. As German ECA we have a strong focus on supporting the German industry in the energy transition and this project shows that German companies such as SMS and TK Nucera can provide the leading-edge technology that is key to drive the transition to decarbonization of relevant industries like the steel sector. Huge congratulations to everybody at H2 Green Steel for their fantastic work in bringing this adventure to reality,” said Ulrich Schulte Lünzum, Head of Project Finance, Euler Hermes.
“The steel industry is a strategic sector, being at the heart of the EU economy. Our commitment to reach net zero by 2050 requires this sector to undergo transformative changes. It is important that the EIB, as the EU climate bank, is supporting H2 Green Steel in its pioneering development for a breakthrough clean technology to produce low carbon primary flat steel products. The project paves the way for the development of environmentally friendly steel – crucial for the decarbonization efforts of the so-called “hard to abate sectors”, of which steel is an important one,” says Vice-President of the European Investment Bank, Thomas Östros.
“Working closely with the exceptional H2 Green Steel team since the inception of the project in 2021, we are extremely proud to have supported the venture in this precedent setting financing. This transaction illustrates very well how industrial innovation can be financed to enable transition. A huge milestone for the European low carbon steel industry,” said Christophe Hadjal, Managing Director, Regional Head for Europe Mining, Metals and Industries Finance, Societe Generale.
“Use of green hydrogen as the reducing agent for iron ore in the steel-making process is one of the highest merit order use cases for green hydrogen we have identified. It has been quite a journey over the past two-and-a-half years, and we look forward to continuing to work with the H2 Green Steel team on the Boden project and beyond,” said Greg Falzon, Partner, Co-head of investments at AIP.
Legal and financial advisors to H2 Green Steel include Milbank, Mannheimer Swartling, Societe Generale and KfW IPEX-Bank.
Morgan Stanley acts as equity advisor to H2 Green Steel.
For further information:
Karin Hallstan, Head of Public and Media Relations, phone: +46 76 842 81 04, email: [email protected]
The following files are available for download:
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https://mb.cision.com/Main/20623/3913134/2553563.pdf |
H2 Green Steel debt and equity signing_final |
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https://news.cision.com/h2-green-steel/i/h2gs-boden-plant-1,c3259391 |
H2GS Boden Plant 1 |
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JAKARTA, Indonesia, Oct. 18, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, is thrilled to announce a partnership with Bank Rakyat Indonesia (BRI) to provide Indonesian customers with real-time international money transfer capabilities. This collaboration aims to enhance the cross-border offerings for BRI’s individual and corporate customers, delivering more accessible and cost-effective financial services across Indonesia.
This partnership empowers more than 150 million BRI account holders, including those in remote regions of Indonesia, to access modern, real-time cross-border payment services. The offering includes a variety of real-time payment mechanisms, supporting bank account destinations, a global electronic card network, and digital wallets. These innovations are closely aligned with BRI’s ongoing mission to provide affordable and customer-focused financial products, particularly for traditionally underserved communities.
BRI’s Corporate Secretary, Agustya Hendy Bernadi, emphasized BRI’s dedication to constantly improving customer convenience through innovations in its global network and cross-border transaction services. “This collaboration reflects BRI’s continuous efforts to enhance productivity and efficiency by expanding its digital payment channel network to meet the growing demand for global transactions,” he said. Agustya added that the partnership with Nium aligns perfectly with BRI’s vision to be Southeast Asia’s most valuable banking group and a champion of financial inclusion by 2025. “With Nium’s global transaction network, BRI strengthens the digitalization of its business processes and enhances retail banking capabilities in line with our 2025 strategic vision.”
Anupam Pahuja, General Manager and Executive Vice President for Asia Pacific, Middle East, and Africa at Nium, shared his excitement about the partnership, highlighting BRI’s extensive presence across Indonesia’s 17,000 islands. “By integrating Nium’s advanced technology into BRI’s platform, we are dedicated to providing BRI’s customers, no matter where they are, with access to exceptional financial services. This partnership will remove the risks associated with cash handling and provide faster, more cost-effective transactions—whether individuals are sending money to family members abroad or businesses are making international payments.”
Cross-border payments are projected to grow significantly in Indonesia, with a forecasted year-on-year increase of 15% through 2025, driven largely by the digital transformation in financial services (Statista, 2024).
This partnership between BRI and Nium is expected to transform the way Indonesians engage with global financial services, meeting the rising demand for modern payment infrastructure and enhancing the overall experience for BRI’s customers in their international transactions.
About Nium
Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
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Fintech PR
Grexie Signchain Launches on November 1st, 2024: Enabling Smart Contract Developers to Bring Off-Chain Data On-Chain with Seamless Gas-Paid Signing
Grexie Signchain enables developers to sign off-chain data into smart contracts, with self-hosted or secure vault signer wallet management.
MANCHESTER, England, Oct. 17, 2024 /PRNewswire/ — Grexie Limited proudly announces the launch of its innovative smart contract solution, Signchain, on November 1st, 2024. Designed specifically for developers, Signchain introduces a powerful way to bring off-chain data on-chain through user-paid gas fees and secure signing of data into smart contract methods using its extendable smart contract, Signable.
In the growing landscape of blockchain technology, securely managing off-chain data and integrating it into on-chain smart contracts has posed significant challenges for developers. Signchain eliminates these hurdles by offering a robust, gas-efficient system for signing and authenticating data in real-time.
Key Features of Signchain:
1. Seamless Off-Chain to On-Chain Data Integration
Signchain enables developers to securely bring off-chain data on-chain by signing it directly into smart contract methods through user-paid gas fees. This integration ensures that data authenticity is preserved, and its entry into the blockchain remains tamper-proof, streamlining processes for industries relying on real-world data verification. Signchain also supports integration with Google Sheets, AWS, and Firebase, making it easy to pull data from popular off-chain data sources.
2. Extendable Smart Contract – Signable
The core of Signchain’s technology is its extendable smart contract, Signable, which allows developers to customize and build upon existing smart contracts. With Signable, developers can easily implement contract signatures for any data type, offering flexibility across industries from finance to logistics and beyond.
3. Signer Wallet Management
Signchain offers comprehensive signer wallet management as part of its service, empowering developers to manage and authenticate signers effectively. Wallets can either be self-hosted using Signchain’s Docker container for those who prefer their own infrastructure, or they can leverage Signchain’s network of secure vaults for maximum security.
4. Self-Hosted or Managed Service
For developers who want full control of their infrastructure, Signchain provides a self-hosted option via Docker containers, allowing them to deploy the platform on their own servers. Alternatively, developers can opt to use Signchain’s secure vault network, offering a hassle-free solution with enterprise-grade security and wallet management.
5. User-Paid Gas Fees
By integrating a user-paid gas fee model, Signchain allows users to cover the costs of signing and authenticating their data, ensuring the signing process is efficient and doesn’t overburden developers with additional expenses. This makes Signchain an ideal solution for dApps and platforms handling high transaction volumes.
6. Google Sheets, AWS, Firebase Integration with Serverless Model
Signchain supports integration with Google Sheets, AWS, and Firebase in a serverless model, powered by a hosted Sign In With Ethereum (SIWE) implementation provided by Signchain’s API. Developers can simply connect their Google Sheets and configure the contract parameters associated with each column. Signchain will automatically look up the user’s wallet address in the spreadsheet, sign the transaction data, and execute it in the blockchain along with any user-supplied parameters. This creates an easy, efficient way to manage data inputs from off-chain sources without heavy infrastructure setup.
Revolutionizing Smart Contract Workflows
With Signchain, developers now have the tools to handle the complexities of integrating off-chain data into smart contracts. The extendable nature of Signable offers flexibility, allowing developers to cater to various use cases, whether it’s automating financial transactions, supply chain data, or verifying legal agreements.
Tim Behrsin, CEO of Grexie Limited, said, “Signchain is more than just a signing solution—it’s a platform that empowers developers to securely integrate off-chain data into their smart contracts with minimal effort. The flexibility of Signable and our focus on signer wallet management offers developers control and security at every stage of the process.”
Why Signchain Matters
Signchain addresses critical challenges faced by developers, particularly those dealing with off-chain data. By signing data into smart contracts and enabling user-paid gas fees, the platform significantly reduces friction in managing secure, scalable smart contracts. Whether developers need to manage high volumes of data transactions or create bespoke smart contracts, Signchain offers a scalable and secure solution.
In industries like DeFi, real estate, and supply chain management, data integrity and security are paramount. Signchain’s secure vault network and customizable signing workflows allow businesses to handle sensitive information with confidence.
Launch Event and Future Developments
The official launch of Signchain will take place on November 1st, 2024, alongside a virtual event. The event will showcase live demonstrations of Signable, with detailed walkthroughs of the Docker-based self-hosted solution and signer wallet management features. Attendees will also get an exclusive preview of future enhancements, including multi-signature workflows and advanced blockchain network integrations.
About Signchain
Signchain is a cutting-edge platform developed by Grexie Limited, based in Manchester, Cheshire, United Kingdom. Signchain simplifies smart contract development by offering a secure, scalable, and customizable solution for signing and authenticating off-chain data on-chain. Developers can either self-host the solution using Signchain’s Docker container or rely on the network’s secure vault infrastructure. With an emphasis on security, flexibility, and developer experience, Signchain is set to transform how smart contracts handle off-chain data.
For more information, visit signchain.net.
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View original content:SOURCE Grexie Limited
OXFORD, England, Oct. 17, 2024 /PRNewswire/ — n2 Group, the transformative computing technology investment company, announces the acquisition of high-performance computing (HPC) and AI specialists, X-ISS. The addition of X-ISS expands the Group’s portfolio– joining NAG, VSNi, BioTeam and STAC—as it accelerates advancements in technology and computation, underpinned by innovation, technical excellence, and a focus on long-term growth.
n2 Group invests selectively in technical computing companies with deep business impact in a variety of sectors, providing operational support and a collaborative approach to innovation and business transformation. The addition of X-ISS will further strengthen the Group’s already strong HPC/AI credentials, with NAG, STAC and BioTeam already adding to this space.
X-ISS is a pioneer in Managed Services specifically designed for HPC/AI. With their in-depth understanding of hardware and software complexities within HPC and AI, they deliver highly impactful end-to-end services to clients through the integration, optimization and management of HPC/AI systems. The integration of X-ISS into n2 Group aligns with the Group vision of improving the accessibility, quality and robustness of computing solutions to enable greater productivity in industry.
X-ISS will operate as an autonomous business within the n2 Group, maintaining its brand, identity and ethos. n2 Group’s status as an independent, member-backed organisation with no external financial stakeholders allows X-ISS to continue providing impartial advice based on the technology needs and challenges of its clients. Inter-group synergies will enable greater innovation and collaboration, advancing the Group’s position and long-term HPC/AI market impact.
“X-ISS strengthens the n2 community in the strategically important area of HPC/AI”, said Adrian Scales, Snr Director of Investments and Partnerships at n2 Group. “As a respected boutique HPC service provider, X-ISS is helping clients navigate an increasingly complex landscape in terms of technologies and software integrations with AI and analytics. The acquisition strongly complements the Group’s existing HPC professional services capability, and we are delighted to have them on board.”
“This is an important milestone for X-ISS.”, said Deepak Khosla, CEO X-ISS, “The partnership with n2 Group will enable us to enhance our flagship ManagedHPC solution by leveraging n2‘s complementary services and product developments, allowing us to deliver even greater value to our customers. As businesses face increasing challenges with complex technologies like AI and cloud computing, we’re now better equipped to support them with the same quality, passion, and partnership that defines X-ISS. I am excited about the opportunities this can bring for current and future X-ISS customers.”
About n2 Group
At n2 Group we are transforming computing and technology investment with a radical new approach. Our businesses are all established, purpose-driven market-leaders in computing products or services. We stimulate long-term sustainable growth through group-level support in strategy, business development, innovation, and operations. With no shareholders or external financial interests, we reinvest all profits back into the group or to the community, reinforcing our commitment to positive social impact through technological advancements.
n2 Group companies are at the forefront of computing and IT infrastructure, helping clients in various sectors to be more productive, innovative or reduce risk through advanced software and services. Rapidly expanding in high-performance computing, artificial intelligence, and scientific computing, our businesses maintain their unique brands and identities, but benefit from the expanded network available through the group.
n2 Group Companies
• BioTeam: Scientific computing consultancy integrating technologies, data, and cultures to accelerate science.
• NAG: Advanced products and services in algorithms, optimization, high-performance computing and AI.
• STAC: Independent financial services technology research and community events.
• VSNi: Proven statistical solutions and data expertise driving innovation and success.
• X-ISS: Industry leading management and analytics solutions for HPC/AI systems.
For more detailed information and the latest updates, visit n2 Group.
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View original content:https://www.prnewswire.co.uk/news-releases/n2-group-advances-hpcai-portfolio-by-acquiring-managed-services-company-x-iss-302279433.html
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