H2 Green Steel (H2GS AB) was founded in 2020, aiming to build a large-scale green steel production in northern Sweden. H2 Green Steel will produce 5 million tons of green steel by 2030. By doing this, the company will contribute to the decarbonizing of the European steel industry, one of the largest carbon dioxide emitters. H2 Green Steel will establish operations in Boden and Luleå. The founder and largest shareholder is Vargas, which is also co-founder and one of the largest shareholders in Northvolt.