Greeniron has developed a technology that uses hydrogen to produce pure steel and iron from residual products. The result is a green alternative that makes the by-product of the process 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 "warm up" its production at the plant built in Sandviken.
New funding
Impact Loop can now reveal a host of new details about the company. It has raised 125 million kronor in new capital from existing owners, with the Wallenberg family's investment company FAM, Almi Invest Greentech and Longrun Capital being the largest external investors.
The valuation landed at 335 million kronor pre-money, that is, before the money was deposited.
"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 from 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 operate it, and developed important customer relationships. We now have a platform for a risk-reduced rollout."
But Impact Loop can also reveal that FAM already increased its ownership in the company in August, by converting two convertible loans totalling 111 million SEK. This is confirmed by Greeniron's communications manager Katarina Bergegård.
In total, the transactions amount to approximately 236 million SEK. With these, the Wallenberg family's FAM also becomes Greeniron's largest owner, with just under 30 percent of the shares.
In a dispute
At the same time, new details emerge about how Greeniron is doing in the latest financial statement read by Impact Loop. In 2024, the company had a net turnover of approximately SEK 4.8 million – a significant increase from the previous year when the corresponding figure was SEK 452,000.
However, the result has worsened. In 2024, the company made a negative result (EBITDA) of approximately SEK 44 million compared to a negative result of approximately SEK 20 million in 2023.
According to communications manager Katarina Bergegård, the revenue comes from test materials they send to customers and invoice for.
The annual report for last year also reveals that the company has become embroiled in a dispute after the end of the financial year, i.e. this year. It is a material dispute with a supplier related to 'delay penalties and additional costs', the company writes.
In a text message, Katarina Bergegård states that the dispute has now been resolved.
Old technology
Greeniron's technology was developed 50 years ago by Hans Murray but the company was only founded in 2018 by him and his son Edward Murray.
The company has raised capital in several rounds since its inception, including 100 million in summer 2024. On the company's board sits former Centre Party leader Annie Lööf and Södra Skogsägarna's CEO Lotta Lyrå, who took the chairmanship in March this year.
A couple of 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.
Impact Loop has contacted Greeniron's communications manager to reach Mathias Tillman, who has promised to respond. We have also contacted FAM.