White & Case advises on €1.5 billion investment in landmark green hydrogen-based steel plant

Global law firm White & Case LLP has advised a consortium of lead investors including Hy24, Altor, GIC and Just Climate on their landmark approximately €1.5 billion investment in H2 Green Steel, Europe’s leading green steel start-up, to finance the construction of the world’s first large-scale renewable hydrogen-based steel plant in Boden, Sweden.

“This is the largest private placement in Europe this year and a testament to the strength of our private equity team,” said White & Case partner Thierry Bosly, co-Head of the Firm’s Global Private Equity Industry Group. 

White & Case partner Hadrien Servais said: “This transaction brought together a number of sophisticated parties, including Hy24, contributing to scaling up the global hydrogen economy.”

The plant will produce hydrogen from renewable energy and use that hydrogen to produce green steel for customers, with up to 95 percent less CO2 emissions compared to steel produced with traditional technology. 

“This was a ground-breaking transaction, which sets a benchmark for major green hydrogen projects globally and is a game-changer for the global energy transition,” said White & Case partner Carlo Meert, who led the Firm’s deal team. “Our role advising on it was a fantastic team effort across jurisdictions and practices.”

The White & Case team which advised on the transaction was led by partner Carlo Meert (Brussels) and included partners Thierry Bosly, Hadrien Servais (both Brussels, Luxembourg), Jan Jensen, Henrik Wireklint, Magnus Wennerhorn (all Stockholm), Michael Engel (London), Orion Berg (Paris) and Thomas Burmeister (Düsseldorf), local partner Thilo Wienke (Düsseldorf), counsel Christoph Arhold (Berlin) and associates Marcus Halling, Jonas Brandt, Sara Sundvall, Emilie Söderman, Jennie Storm (all Stockholm), Scott Goldner and Iakovos Sarmas (both Brussels). White & Case acted as counsel to Hy24 and as co-counsel with Linklaters for the consortium of lead investors.

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