OrganisationSE
Stegra
Swedish green hydrogen and steel company developing Europe's first large-scale green steel plant at Boden, powered by 740 MW of electrolysers.
Last refreshed: 22 May 2026 · Appears in 1 active topic
Key Question
What does Europe's largest electrolyser at Boden tell us about the real cost of green hydrogen?
Timeline for Stegra
#112 Apr
Completed installation of all 37 electrolyser modules (740 MW total) at Boden green hydrogen plant
European Energy Markets: Stegra finishes 740 MW Boden electrolyserCommon Questions
- What is Stegra and where is it building its green steel plant?
- Stegra (formerly H2 Green Steel) is building Europe's largest integrated green steel facility at Boden in Norrbotten, northern Sweden, using a 740 MW electrolyser and renewable electricity to produce green hydrogen for steelmaking.Source: european-energy-markets briefing
- How big is Stegra's electrolyser and when did it start operating?
- Stegra's electrolyser complex is 740 MW, supplied by 37 thyssenkrupp nucera modules, and was commissioned in May 2026 — the largest in Europe at that time.Source: european-energy-markets briefing
- How much did the Stegra green steel plant cost to build?
- Stegra's Boden facility represents a total investment of approximately EUR 6.5 billion, funded through EU grants, Swedish government support, and private equity investors including Spotify founder Daniel Ek.Source: Stegra / european-energy-markets briefing
- Why is Stegra's electrolyser important for Europe's green hydrogen plans?
- The 740 MW Boden electrolyser is the first operating green hydrogen system at gigawatt scale in Europe, providing real-world cost and performance data that benchmarks green hydrogen against CCGT-set fossil hydrogen prices.Source: european-energy-markets briefing
Background
Stegra commissioned its 740 MW electrolyser at Boden in May 2026, the largest in Europe. Powered by Norrbotten renewable electricity, it sets the real-world benchmark for green hydrogen production costs against the EUR 62-68/MWh CCGT-set fossil hydrogen floor in Germany. The project's EUR 6.5 billion investment and 37 thyssenkrupp nucera modules make it Europe's largest operational green hydrogen facility.
How the World Sees Them
Green hydrogen market
Commissioning a 740 MW alkaline electrolyser at scale provides the first real-world cost data at gigawatt-class size, informing European green hydrogen price trajectories and project finance assumptions.
European steel industry
Stegra's 740 MW electrolyser is a benchmark for decarbonising steelmaking; competitors and policymakers will watch its output cost against blast furnace economics.
Swedish government and Norrbotten region
The Stegra project anchors Norrbotten's ambition as a Nordic green industrial hub; EU and Swedish government funding underpins the EUR 6.5 billion investment.