Scoop: GreenIron secures €20m as Sweden's richest family grabs controlling stake

Swedish climate tech startup GreenIron has raised €10.6m from undisclosed investors as it looks to scale its hydrogen-based process for producing fossil-free iron and steel from industrial waste.

In a parallel move, the Wallenberg family’s investment firm FAM has converted €9.4m in convertible loans into equity, becoming GreenIron’s largest shareholder with just under 30% of the company, Impact Loop reveals.

The combined transactions total around €20m and value the company at around €30m pre-money.

Cleaner iron

Founded in 2018 by father and son Hans and Edward Murray, GreenIron has developed a process that replaces coal with hydrogen in the reduction of metal oxides, producing only water vapour instead of carbon dioxide. The company has spent the past year commissioning its full-scale production facility in Sandviken, central Sweden.

“This additional investment is a strong and encouraging sign of confidence from our owners in GreenIron’s potential and focused strategy,” said CEO Mathias Tillman in a statement.

“In less than two years, we’ve built a full-scale plant, established a skilled organisation to operate it, and developed key customer relationships. We now have a platform for a de-risked rollout.”

Revenue up, losses deepen

According to newly published financial results, GreenIron reported net sales of €410,000 in 2024, a sharp increase from €41000 the previous year.

However, its EBITDA loss widened to €3.8m from €1.8m in 2023. The company said the revenue came from test materials supplied to and invoiced by customers.

GreenIron also disclosed that it was recently involved in a dispute with a supplier over “delay penalties and additional costs,” which it says has now been resolved.

Old roots

GreenIron's technology was first developed 50 years ago by Hans Murray, but the company itself was only established in 2018. Since then, it has raised several rounds of funding – including €10m in mid-2024.

The board includes Annie Lööf former Swedish politician and lawyer. Recent board additions include former Northvolt executive Maria Åstrand and Swedish industry veteran Peter Jhaveri.

GreenIron’s technology positions it within Sweden’s growing green metals ecosystem, alongside players such as Stegra (formerly H2 Green Steel) and HYBRIT.