London's Just Climate backs Swedish clean tech trio

Just Climate, a London investment firm with bankroll for clean tech scale ups, is announcing three Swedish portfolio investments.

These appear to be Just Climate's inaugural funding tickets, just going on data from Crunchbase's directory, though Tech.eu has reached out to confirm.

ABB E-Mobility, an EV charging offshoot of industry tech supplier ABB, is getting funded along with emerging Swedish green contenders H2 Green Steel and Meva Energy.

Hisingsbacka-based Meva Energy uses wood biomass to make syngas, an artificial natural gas substitute. 

Because the biomass is sourced from wood byproducts, the syngas is also considered to be a circular energy source. Meva's clients include IKEA's Industry subsidiary in Poland, which has penned a deal to turn furniture residue into renewable fuels.

Stockholm-based H2 Green Steel was founded in 2020. It's one of a few companies trying to deploy green hydrogen⁠ — using water H2O molecules, rather than natural gas — in this case targeting decarbonisation of steel foundries.

Steel was selected as H2's initial target market due to the sector's "technological and commercial maturity when it comes to CO2 reduction possibilities." H2 will launch its Boden steel plant by 2025, and expects to produce 5 million steel tons annually by the end of the decade.

Shaun Kingsbury CBE, Just Climate chief investment officer, commented: "Our first investments will accelerate commercialisation of 95% decarbonised steel, a natural gas substitute based on wood waste from other industrial processes, and electric charging solutions for a wider range of road transport that requires high- powered charging.

"All three solutions bring to life our thesis of investing in transformational solutions for the highest-emitting, hard-to-abate sectors while delivering attractive risk-adjusted returns for our investors.”