Exclusive: Northvolt investor Harald Mix recommits capital to Stegra in €1.4bn funding round

Wallenberg Investments this morning confirmed it is leading a €1.4bn financing round in Stegra, ending months of uncertainty over whether Europe's biggest green steel project would ever be completed.

Harald Mix, whose investment vehicle Vargas Holding was until this week Stegra's largest shareholder, said he welcomed the deal and backed the Wallenberg consortium as the company's new anchor owner.

"This is proof that the vision and strength of the original business case are unshaken," Mix said in a written statement to Impact Loop. "Despite cost increases linked to the severe inflation that has affected the entire industry, Stegra's competitiveness is better than ever today."

The comments are Mix's first since the financing round was confirmed this morning, and come as questions remain over his future role at the company.

Mix stepped down as Stegra's chairman at the end of last year after five years in the role, handing over to Shaun Kingsbury of AI Gore's investment firm Just Climate, who has himself now been replaced by Wallenberg veteran Leif Johansson following the deal.

Mix remained on the board as a member, but his name did not feature at Stegra's press conference on Tuesday, and he declined to confirm whether he would continue in that capacity.

"I look forward to continuing to work actively with our new owners to realise the company's long-term potential," he said.

On his personal financial commitment, Mix said he has invested more than one billion kronor (around €93mn) in Stegra through Vargas and his holding company Kallskär combined.

"I am also participating with significant amounts in this financing round," he said, declining to specify the figure.

Vargas Holding was co-founded by Mix and is the same vehicle behind Northvolt, Europe's collapsed battery champion.

The firm's decision to recommit capital to Stegra despite that history – and despite the project's turbulent 18 months – will be read as a signal of confidence in the Boden plant's prospects under its new ownership structure.

Mix described the Wallenberg consortium as "a fantastic partner and the best possible main owner," adding that Stegra now had "the best possible conditions to continue the work of transforming the steel industry and contributing to Swedish and European competitiveness."