Schaeffler and H2 Green Steel intensify cooperation

Schaeffler, the motion technology company, and Swedish startup H2 Green Steel have decided to intensify their already close partnership. Following a recent equity funding round, Schaeffler has agreed to invest a further 65 million euros, a significant increase that takes its total stake to 100 million euros. That’s the most equity Schaeffler has ever put into a minority stake in another company.

As a strategic technology partner of H2 Green Steel, Schaeffler will channel its know-how into the development of new steel products, such as green e-steel for electromobility. In addition, the two companies will jointly develop new applications for the use of sustainable rolling bearing solutions in production. The aim is to maximize the efficiency of production through the use of first-rate components and integrated condition monitoring solutions. The two companies will also benefit from each other’s expertise in the areas of digitalisation and circular economy.

“Achieving sustainability across the entire value chain requires cooperation between strong partners who are willing to move forward together with commitment and determination,” Klaus Rosenfeld, CEO of Schaeffler AG, said. “Schaeffler and H2 Green Steel are both pioneers with true innovative power, and we are now synergizing these strengths even further. The increased capital stake and the strategic technology partnership follow the off-take agreement of 2021 as the next logical step as our two organizations seek to work together even more closely. Together, we are making a significant contribution to the global transformation of the steel industry and the reduction of CO₂ emissions.”