Blastr Green Steel (Blastr) announced closing of its second strategic partner financing round, securing critical funding to advance its European integrated ultra-low CO2 steel value chain. The investment will support the development of its flagship steel plant in Inkoo, Finland, a key milestone in Blastr’s goal to revolutionize the steel industry with sustainable practices.
New Investors Join Blastr’s Sustainable Vision
The latest financing round added three new investors alongside Blastr’s founders, all committed to driving sustainable growth. Aurora Infrastructure, a leader in the Nordic region’s asset financing and electricity network development, is one of the new investors. Other new investors include Onvest Oy, focused on sustainable growth, and Security Trading Oy, aiming for a resilient future. Their collective support will be pivotal in advancing Blastr’s mission of transforming the steel industry with low-carbon solutions.
Blastr’s founding investors—Cargill, Tesi, and Vanir Green Industries—boosted their stakes in the company during this financing round.
Blastr’s Sustainable Steel Revolution
The investment will help Blastr move forward with its innovative low-carbon steelmaking process. Blastr’s approach replaces coal with hydrogen and uses carbon-free energy, cutting CO2 emissions by 90% compared to traditional methods. This mine-to-gate model offers both a profitable business proposition and a minimal carbon footprint.
Mark Bula, CEO of Blastr Green Steel, “Blastr warmly welcomes the new partners who all share our vision for a more sustainable steel industry, and the strong continued commitment from our founding investors. The successful closing of this second partner round is a real credit to our team and partners, demonstrating the viability of our business model and mine-to-gate value proposition.”
Blastr will use the capital to develop its Inkoo steel plant and expand its pellet plant, producing 6 million tons annually. These initiatives will be crucial in Finland’s push for green steel production and the broader transition to sustainable energy.
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Environmental Approval in Progress
In late 2024, Blastr submitted an Environmental Impact Assessment (EIA) report for the Inkoo plant to Finnish authorities. The report confirms that the project can proceed in an environmentally sustainable manner. Based on the findings, Blastr plans to apply for environmental permits for the Inkoo project in 2025, moving another step closer to its goal of producing green steel.
