The bill for the investors who save the struggling green steel venture will end up at SEK 15 billion. The Wallenberg family and their investor collective will take half of that sum, or SEK 7–8 billion.
The lenders are not injecting new money, but are releasing nearly 10 billion kronor in already agreed loans that have been frozen since the turn of the year, according to Di's sources.
In total, Stegra will thus have access to 25 billion kronor to complete the investment in Boden. This is clearly more than the 10 billion kronor the company stated in October was needed to cover new development costs.
Ready this week
With the maneuver, the Wallenberg Group becomes the largest owner in Stegra, and the Wallenberg sphere will take over the chairmanship.
The venture capital company Altor, which is said to have initiated the dialogue with the Wallenberg sphere, is expected to take the second largest share.
The final details of the package are said to be finalized at the beginning of the week, and the parties that Di has spoken to are breathing a sigh of relief.
"You have to see this as more than an investment. The Wallenbergs' coming in means that Stegra will become part of the elite of Swedish industry and will never be allowed to go bankrupt," says a person with insight.
"Found faith"
Stegra has been tight-lipped about its financing process. The company's line has been that it took the entire first quarter to secure new capital.
At the end of the month, that deadline expired – and it appeared that a conflict had been going on over board seats, according to Di. Now those knots have also been resolved.
"There has always been faith in Stegra's business model and product, unlike the situation at the end with Northvolt," says a person with insight into both processes.
