Greeniron has developed a technology that uses hydrogen to produce pure steel and iron from residual products. The result is a green alternative where the by-product of the process is water instead of carbon dioxide.
The company, founded by father and son Hans and Edward Murray and with former Centre Party leader Annie Lööf on the board, has been working since last autumn to "heat up" its production at the facility built in Sandviken.
New money in
Energy Loop can now reveal a number of new details about the company. Firstly, it has raised €10.5m in new capital from existing owners, where the Wallenberg family's investment company FAM, Almi Invest Greentech and Longrun Capital are the largest external investors.
The valuation landed at €28m pre-money, i.e. before the money hit the account.
"This additional investment is a clear and encouraging testament to our owners' confidence in Greeniron's potential and our focused strategy," says Mathias Tillman, who took over as CEO after the founder in May, in a press release, and continues:
"In less than two years, Greeniron has built a full-scale facility, established a highly competent organisation to run it, and developed important customer relationships. We now have a platform for a risk-reduced rollout."
But Energy Loop can also reveal that FAM already increased its ownership in the company in August by converting two convertible loans totalling 111 million kronor. This is confirmed by Greeniron's communications manager Katarina Bergegård.
The transactions total approximately 236 million kronor. With these, the Wallenberg family's FAM also becomes Greeniron's largest owner, with just under 30 percent of the shares.
In a dispute
Meanwhile, new details emerge about how Greeniron is doing in the fresh financial statement that we at Loop have read. In 2024, the company had a net turnover of approximately SEK 4.8 million – a substantial increase from the previous year when the corresponding figure was SEK 452,000.
However, the result has worsened. In 2024, the company reported a negative result (EBITDA) of approximately SEK 44 million compared to a negative result of approximately SEK 20 million in 2023.
The revenue comes, according to communications manager Katarina Bergegård, from test materials that they send to customers and invoice for.
In last year's annual report, it can also be read that the company, after the end of the financial year, that is, this year, has ended up in a dispute. It is a material dispute with a supplier related to 'delay penalties and additional costs', writes the company.
In a text message, Katarina Bergegård writes that the dispute is now resolved.
Old tech
Greeniron's technology was developed 50 years ago by Hans Murray but the company wasn't founded until 2018 by him and his son Edward Murray.
The company has raised capital in several rounds since its inception, including SEK 100 million in summer 2024. On the company's board is former Centre Party leader Annie Lööf and Södra Skogsägarna's CEO Lotta Lyrå, who took over as chair in March this year.
A few weeks ago it became clear that the company had brought in two new people to the board: former Northvolt executive Maria Åstrand and industry veteran Peter Jhaveri. At the same time, Jing Jin and Bert Nordberg left the board.
Energy Loop has contacted Mathias Tillman via Greeniron's communications manager, who promised to get back to us. We have also contacted FAM.