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Spotify Billionaire Ek Among Investors in Green Steel Startup

  • Production of the fossil-free material will start in 2024
  • Other investors include Scania and Germany’s Bilstein Group
Volkswagen AG Arteon And Passat Manufacture And Export Operations
Photographer: Krisztian Bocsi/Bloomberg
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A green steel startup that will build a plant in northern Sweden has drawn investors including Spotify Technology SA’s founder Daniel Ek, just months after he invested in a battery maker in his home country.

The venture, called H2 Green Steel, plans to build the world’s biggest hydrogen electrolyzer to produce the alloy material from 2024. Other investors in the project led by Vargas Holding AB include Christina Stenbeck, former chairwoman of Kinnevik AB, truck maker Scania AB and German steel family Bilstein.