Swedish steel venture H2 Green Steel is planning to build a fossil fuel-free steel plant in the north of Sweden, including a sustainable hydrogen facility, with production starting in 2024, it said on Tuesday.

The Lulea-based venture, which is in the process of closing 50 million euros ($60.7 million) in series A equity financing, said in a statement that by 2030 it plans to have an annual production capacity of 5 million tonnes.

"The project includes a giga-scale green hydrogen plant as an integrated part of the steel production facility," it said. Total financing for the project's first phase is around 2.5 billion euros, which will be raised through a combination of equity and green project financing, it added.