Al Gore's climate fund becomes largest Stegra shareholder amid board reshuffle

Al Gore's climate fund Just Climate, which launched a $1.5 billion investment vehicle in 2023, will become the largest owner of Stegra.

Just Climate will overtake Vargus Holding, the investment firm that founded Stegra, as its largest shareholder, according to Swedish daily newspaper Svenska Dagbladet (SvD).

Stegra's press manager, Karin Hallstan, declined to comment on SvD's report.

Leadership shakeup

According to the reports, Vargus founder Harald Mix is stepping down as chair. He will be replaced by Shaun Kingsbury, chief investment officer at Just Climate. Mix will remain on the board.

Vargus Holding has so far been the largest owner of Stegra with 22% of the votes. Just Climate already owns 14% but will now extend its share further.

Insolvency fears

The change in ownership majority is likely a consequence of Stegra's ongoing funding round.

Announced last week, the company is looking to raise an estimated €1 billion to shore up its plant under construction in Boden, northern Sweden.

Stegra is reportedly scrambling to raise new capital for the facility amid reports it may be facing insolvency. The company has already raised €6.5 billion, making it one of Europe's best-funded climate tech companies.

As part of efforts to secure its long-term future, Stegra is also considering outsourcing parts of its Boden plant to third-party contractors.

"We are working with both the investor side, the lender side and other tools that include possible outsourcing and strategic options," Hallstan told Impact Loop.