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| Blastr Green Steel |
Norway’s Blastr Green Steel has successfully completed its second round of partnership financing, bringing in three new investors alongside its original backers. The fresh funding will support the company’s ambitious green steel project, particularly its planned steel plant in Inkoo, Finland, and its pelletizing plant, which will produce 6 million tons of direct reduction (DR) raw materials annually.
New and Existing Investors Strengthen Commitment
This round saw additional capital from three of Blastr’s founding investors: Cargill Metals, Finnish state-owned venture capital firm Tesi, and Blastr’s founding company Vanir Green Industries.
Three new investors also joined the initiative: Aurora Infrastructure, a key player in asset financing and power grid development in the Nordics; and family-owned companies Onvest Oy and Security Trading Oy.
Investment to Boost Finland’s Green Steel Industry
Aurora Infrastructure’s CEO, Robin Lindahl, emphasized the importance of the project for Finland, highlighting its reliance on Finnish renewable energy sources and its potential to generate new jobs and economic benefits.
“This project not only utilizes Finnish renewable energy sources but also creates new jobs and economic opportunities by promoting value-added processing at the local level. The Inkoo area, with its existing infrastructure and strategic location, is ideally suited for such an initiative,” Lindahl stated.
Blastr Green Steel has already taken significant steps toward regulatory approvals. In late 2024, the company submitted an Environmental Impact Assessment (EIA) report for its Inkoo plant to Finnish authorities, paving the way for an environmental permit application in 2025.
Expanding Green Steel Production
Beyond its Inkoo project, Blastr Green Steel has broader ambitions. In March 2023, the company announced plans to invest over €1 billion in constructing a pelletizing plant in Gildeskål, Norway. The plant will supply critical raw materials for its Finnish green steel facility, further strengthening its position in the sustainable steel sector.
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