Swedish start-up Stegra is battling to avoid becoming the second multibillion-euro European green industrial project to fall into insolvency in a year.
The green steel company, which has raised $6.5bn in debt and equity, is on the ropes 11 months after battery start-up Northvolt, launched by the same Swedish financiers, went bankrupt despite raising $15bn.
While Stegra executives have told its board that “we must avoid parallels with Northvolt”, according to people familiar with the discussions, the similarities are hard to ignore as the company struggles in the face of a sudden crisis.
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