The partner financing round included three of Blastr’s founding investors and three new investors based in Finland, all with a common emphasis on sustainable growth. The new investors are:
• Aurora Infrastructure, a company providing industry-leading solutions for asset financing, transfer and development of existing or new electricity networks in the Nordics,
• Onvest Oy, a family-owned company and partner, and enabler of sustainable growth, and
• Security Trading Oy, a family investment company focused on creating a more
sustainable, resilient future.
The original investors providing additional capital and increasing their ownership in Blastr are Cargill, Finland’s state-owned venture capital and private equity investment company Tesi, and Blastr’s founder Vanir Green Industries.
“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,” said Mark Bula, CEO of Blastr Green Steel.
The proceeds of the closing will be used to progress Blastr’s value chain with the steel plant in Inkoo, Finland, and further development of Blastr’s pellet plant that will produce 6 million metric tonnes of DR pellet feedstock annually.
Blastr is creating a low-carbon mine-to-gate steel value chain with 90% lower C0₂ emissions than conventional steelmaking by using hydrogen instead of coal in the iron production process and feedstock made with carbon-free energy. This mine-to-gate model enables a differentiated and profitable business model with a low carbon footprint.
