H2 Green Steel (H2GS AB) was founded in 2020, with the ambition to accelerate the decarbonization of industry using Green Hydrogen. Steel is the company’s first industry vertical due to its technological and commercial maturity when it comes to CO2 reduction possibilities. H2 Green Steel accelerates decarbonization of the European steel industry, one of the largest carbon dioxide emitters. The founder and largest shareholder is Vargas, which is also co-founder and one of the larger shareholders in Northvolt. H2 Green Steel is headquartered in Stockholm, Sweden, with its first plant under development in Boden, northern Sweden.