GreenIron
GreenIron is a Swedish metal technology company offering a patented hydrogen-based reduction process that converts steel residuals and ore into fossil-free iron (DRI) and sponge iron, with water as the only by-product. It serves steel producers, miners, and foundries through a reduction-as-a-service model and direct DRI sales, with first commercial production ramping from its Sandviken facility in 2025.
- Company typePrivate
- Founded2018
- HeadquartersStockholm, Sweden
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What GreenIron does
GreenIron is a Swedish metal technology company that has developed a patented hydrogen-based reduction process for converting metal oxides into pure metals with water as the only by-product. Founded in 2018 by Hans and Edward Murray (the former having first demonstrated CO2-free hydrogen metal reduction in 1971), the company operates from its headquarters in Stockholm and runs R&D activities from a test furnace site in Kumla. Its technology targets steel industry residuals such as mill scale and filter dust as well as virgin iron ore, achieving 100% reduction on iron ore pellets and approximately 96% metallization rates in standardised DRI tests. The technology is protected by six patents granted 2019-2021 and is engineered into modular furnaces of approximately 2.5 metres in diameter, each with a stated capacity of 40,000 tonnes of material per year, with multiple units deployable in parallel.
The company's first commercial-scale facility is located in the Sandviken Industrial Park, where it holds a tenant agreement with Alleima; the facility received its environmental permit in April 2024, completed construction in early 2025, and entered hot commissioning through 2025. GreenIron generates revenue through two intertwined models: a reduction-as-a-service offering that processes customer-owned metal oxide residuals into carbon-neutral feedstock at its own furnaces, and direct sales of fossil-free hydrogen DRI and sponge iron to steelmakers, foundries, and smelting plants. Nordic and European DRI distribution is handled exclusively by Scandinavian Steel AB under a December 2024 agreement, while green hydrogen supply is anchored by Norwegian Hydrogen (delivery agreement signed October 2024) and Statkraft (cooperation agreement September 2022). Process automation at Sandviken is provided by ABB's Ability System 800xA DCS.
GreenIron serves three primary verticals: the steel industry (producers, foundries, and EAF operators seeking circular feedstock and lower Scope 1/2 emissions), the mining industry (Vale, Rio Tinto, H2 Green Steel partnerships for ore processing and decarbonisation), and metal fabrication (foundries and smelting plants requiring low-carbon inputs). Major strategic partnerships include Vale (MOU for a Brazil direct reduction facility, January 2025), Rio Tinto (MOU on CO2-free Pilbara metals, July 2023), H2 Green Steel (Boden collaboration, September 2022), and SECO/WARWICK (industrial furnace manufacturing partner since 2020). The company is led by CEO Mathias Tillman (appointed April 2025 from Ovako) and is backed by FAM (largest shareholder since October 2025), Almi Invest GreenTech Fund, and Longrun Capital, with a publicly stated ambition of deploying 300 furnaces by 2030.
GreenIron firmographics
Firmographics- Name
- GreenIron
- Legal name
- GreenIron H2 AB
- Website
- https://greeniron.se
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- GreenIron is a Swedish metal technology company offering a patented hydrogen-based reduction process that converts steel residuals and ore into fossil-free iron (DRI) and sponge iron, with water as the only by-product. It serves steel producers, miners, and foundries through a reduction-as-a-service model and direct DRI sales, with first commercial production ramping from its Sandviken facility in 2025.
- Ownership category
- akta.pro rank
GreenIron industry classification
Industry- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Primary Metal Manufacturing (331), Iron and Steel Mills and Ferroalloy Manufacturing (3311), Nonferrous Metal (except Aluminum) Production and Processing (3314)
- SIC
- Secondary Smelting & Refining Of Nonferrous Metals (3341), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Metal Melting & Secondary Smelting/Refining (Recycled Feedstock Producers) (EUAIAJAJ)
- akta.pro secondary industries
- Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF), E-Waste & Electronics Metal Recovery (ITAD, Circuit Boards, Precious Metal Recovery) (IMAKAMAG), Metals Recovery & Sorting Facilities (Ferrous/Non-Ferrous) (EUAIADAG)
Keywords
Where GreenIron is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices3 records
Markets served
GreenIron business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Technology or R&D, Personnel, Supply Chain, Infrastructure, Marketing or Sales
Revenue model
- Reduction-as-a-Service: The company operates its hydrogen reduction furnaces to process customers' metal oxide materials (steel residuals, ores) into fossil-free metal feedstock. Customers gain access to circular, carbon-neutral feedstock through an efficient service model without capital investment in furnace technology.
- Fossil-Free Iron/DRI Sales: Production and sale of hydrogen DRI (Direct Reduced Iron) and fossil-free sponge iron to steelmakers, foundries, and smelting plants. Scandinavian Steel AB serves as exclusive distributor for Nordic and European markets under a December 2024 agreement.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
GreenIron product offering
Product offeringCore offering
GreenIron is a metal technology company that delivers reduction and recycling as a service, transforming steel industry residuals (mill scale, filter dust, sludges) and iron ore into circular, carbon-neutral metal feedstock. Using a patented hydrogen-based reduction process, metal oxides are converted into pure metals (fossil-free DRI and sponge iron) with water as the only by-product. The company operates commercial production from its Sandviken facility (40,000 tonnes/furnace/year) and sells its products to steelmakers, foundries, and smelting plants.
Product overview
GreenIron is a Swedish metal technology company offering a patented hydrogen-based reduction process as both a service and a product line. Their core offering is the hydrogen-based reduction technology, which they deliver as reduction-as-a-service to transform steel industry residuals into circular, carbon-neutral metal feedstock. The company's main production output includes fossil-free iron (hydrogen DRI) and sponge iron, with their first commercial-scale facility operational in Sandviken, Sweden. GreenIron operates as a technology provider offering fossil-free metal production solutions rather than a traditional software or platform company.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Reduce Scope 1 and 2 CO2 emissions by approximately 75-90% compared to conventional fossil-based processes
- +6 more outcomes
Companies that use GreenIron
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
GreenIron technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
GreenIron partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and strategic.
- ABBcoreABB selected January 2025 to provide automation and control system solutions for first commercial facility in Sandviken. ABB Ability System 800xA DCS manages entire industrial process, integrating control, safety, and power management. Enables scaling operations and data-driven optimization.
- ValecoreMOU signed January 2025 for decarbonization projects in Sweden and Brazil. Joint feasibility study for innovative direct reduction facility in Brazil operated by GreenIron. Vale to supply iron ore agglomerates to GreenIron's Sandviken facility. Companies have worked together for two years testing iron ore pellets at GreenIron's Swedish facilities.
- Scandinavian Steel ABcoreCommercial agreement signed December 2024 making Scandinavian Steel AB the exclusive distributor of GreenIron's fossil-free iron (hydrogen DRI) produced in Sandviken. Covers regular delivery to Nordic and European markets. Scandinavian Steel is a leading distributor of ferrous and non-ferrous metals, founded in 1958.
- Norwegian HydrogencoreMajor hydrogen delivery agreement signed October 2024 for supply of green hydrogen to GreenIron's Sandviken facility. Norwegian Hydrogen recently opened its first production plant in Norway. Deliveries started as GreenIron begins commercial production, with contracted volumes ramping up through 2025.
- ZHyRON Project ConsortiumstrategicEU-funded project (HADEA) launched January 2024 running until December 2026. Nine partners from six EU countries developing new recycling route for steelmaking by-products using green hydrogen. GreenIron hosts mid-term meeting in Sandviken September 2025. Partners include ArcelorMittal, CRM Group, and others.
- GeoMincostrategicMOU signed September 2023 with Chilean family-owned mining group operating in northern Chile for delivery of GreenIron furnaces. Strategic relationship for Latin American market expansion.
- Rio TintostrategicMoU signed July 2023 to explore development of CO2-free metals from Pilbara iron ore. Trial development partnership with major global mining company.
- H2 Green SteelstrategicCollaboration announced September 2022 to reduce emissions and increase circularity in H2 Green Steel's plant in Boden, Northern Sweden. GreenIron's hydrogen-based reduction process to recycle residuals and waste materials from steel operations. Goal is to establish a model steel plant for the future.
- StatkraftcoreHydrogen cooperation agreement signed September 2022 with Statkraft, Europe's leading supplier of renewable energy. Partnership secures long-term production, delivery, and storage of green hydrogen for GreenIron's future locations worldwide.
- Copperstone ResourcesstrategicVinnova-supported joint development project (SEK 17 million funding) based on GreenIron's fossil-free reduction process and Copperstone's future by-product flows from planned copper and magnetite mining in Kiruna, Sweden. Project optimizes material handling before and after GreenIron's process.
- SECO/WARWICKcoreLong-term strategic partnership since 2020 with SECO/WARWICK, a global leader in advanced heat-treatment and furnace technologies. SECO/WARWICK selected in 2023 to build GreenIron's first industrial hydrogen reduction furnace. Partnership industrializes GreenIron's patented technology into reliable industrial furnace solutions. Furnace commissioning ongoing at Sandviken since early 2025.
Scale indicators11 records
Recent moves7 records
Expansion highlights6 records
GreenIron competitors and assessment
Company assessmentBroad incumbents
- thyssenkrupp Steel: thyssenkrupp Steel is a major German integrated steelmaker developing its tkH2Steel direct reduction transition to use green hydrogen. It competes with GreenIron for European fossil-free steel customers and represents a potential partner or competitor in the same procurement landscape.
- Voestalpine: Voestalpine is an Austrian steelmaker pursuing green hydrogen-based direct reduction (H2FUTURE) at its Donawitz and Linz sites. It is a comparable European incumbent investing in the same hydrogen-DRI transition that GreenIron's technology is built to serve.
- ArcelorMittal: ArcelorMittal is the world's largest steelmaker and a partner in the EU-funded ZHyRON project alongside GreenIron. It is pursuing its own hydrogen-DRI pilots in Europe and competes broadly for green steel offtake, while also being a potential customer for GreenIron's residual-recycling technology.
- Salzgitter AG: Salzgitter runs the SALCOS (Salzgitter Low CO2 Steelmaking) program to convert integrated steelmaking to hydrogen-DRI and EAF. It is a relevant comparable as a European incumbent transitioning to fossil-free iron production using the same fundamental chemistry as GreenIron.
Regional players
- LKAB: LKAB is Sweden's state-owned iron-ore miner and partner in the HYBRIT joint venture. It supplies iron-ore feedstock to GreenIron-adjacent DRI initiatives and represents both a potential upstream supplier and a competitor for ore-based green iron value capture in the Nordics.
Direct peers
- Stegra (formerly H2 Green Steel): Stegra is building a large-scale hydrogen-DRI and EAF green steel plant in Boden, northern Sweden, with major offtake agreements including Mercedes-Benz and BMW. Like GreenIron it pursues fossil-free steel using green hydrogen, but operates as an integrated steelmaker at substantially larger scale and with deeper capital backing.
- SSAB: SSAB is a Nordic steel producer leading the HYBRIT joint venture with LKAB and Vattenfall to replace blast furnaces with hydrogen-based DRI. It is the most direct competitor in the Swedish hydrogen-DRI landscape and shares the same customer base and decarbonization value proposition as GreenIron.
- HYBRIT (Joint Venture): HYBRIT is the SSAB/LKAB/Vattenfall joint venture developing hydrogen-based sponge iron production, with a demonstration plant in Luleå. It targets the same fossil-free DRI opportunity as GreenIron but is integrated with a major iron-ore miner and incumbent steelmaker.
Emerging players
- Boston Metal: Boston Metal is a US-based climate tech company developing molten oxide electrolysis to produce green steel and critical metals without hydrogen. It competes for the same decarbonization dollars and OEM offtake as GreenIron but uses an electrochemical rather than hydrogen-reduction pathway.
- Electra (Electra Steel): Electra is a Colorado-based startup producing green iron via low-temperature electrolysis. Like GreenIron it targets the fossil-free iron feedstock market for EAF steelmakers, but uses electricity and water rather than hydrogen as the reducing agent.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
GreenIron social profiles
Digital presenceGreenIron financial estimates
Financial estimateRevenue estimate
Valuation estimate
GreenIron leadership team
Management profileNumber of profiles
GreenIron funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
GreenIron M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about GreenIron
What does GreenIron do?
GreenIron is a metal technology company that delivers reduction and recycling as a service, transforming steel industry residuals (mill scale, filter dust, sludges) and iron ore into circular, carbon-neutral metal feedstock. Using a patented hydrogen-based reduction process, metal oxides are converted into pure metals (fossil-free DRI and sponge iron) with water as the only by-product. The company operates commercial production from its Sandviken facility (40,000 tonnes/furnace/year) and sells its products to steelmakers, foundries, and smelting plants.
Is GreenIron a public or private company?
GreenIron is a private company. It is currently operating.
When was GreenIron founded?
GreenIron was founded in 2018. It employs 1 to 10 people.
Where is GreenIron based?
GreenIron is headquartered in Stockholm, Sweden, in the Europe region.
How does GreenIron make money?
Two revenue lines are on record. Reduction-as-a-Service is the primary driver. The others are fossil-Free Iron/DRI Sales.
Who are GreenIron's main competitors?
Broad incumbents on record are thyssenkrupp Steel, Voestalpine, ArcelorMittal and Salzgitter AG. LKAB is listed as a regional player. Direct peers are Stegra (formerly H2 Green Steel), SSAB and HYBRIT (Joint Venture). Emerging players are Boston Metal and Electra (Electra Steel).
Does GreenIron have an API?
No public API is recorded for GreenIron.
What industry is GreenIron in?
Its primary akta.pro industry code is EUAIAJAJ, Metal Melting & Secondary Smelting/Refining (Recycled Feedstock Producers), with a secondary code of BPALADAF, Metals Recycling & Processing (Ferrous/Non-Ferrous). Its NAICS code is 33141 and its SIC code is 3341.