Hydnum Steel, a Spanish startup focused on producing steel with green hydrogen, is speaking with potential investors about selling a significant stake to support its government-supported project. Shareholders, working alongside advisers, are in late-stage discussions to offload up to 50% of the business, according to people familiar with the talks. Nothing is finalized and the company could ultimately choose not to proceed. A Hydnum representative declined to comment.
According to people familiar with the process, a deal could be signed by year-end, and any sale could put the stake's valuation at €150 million ($172 million) or higher. The company has already secured support, including grants from European recovery funds. In addition, Cofides, a Spanish financing agency, announced plans for a €150 million equity investment.
Control of Hydnum rests with Russula - a family-owned Spanish engineering firm that specializes in building and maintaining steel mills - together with a group of investors. The company plans to begin by making flat steel from scrap, using renewable power to run two electric furnaces. Construction is slated to start next year, with production targeted for 2029 and output of 2.7 million tons annually. Hydnum operates out of Puertollano, where a large fertilizer company nearby already uses green hydrogen, even as industrial adoption across Europe has been slower than expected a few years ago.
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Europe wants more homegrown steel and less fossil fuel in heavy industry, but the road is bumpy. Sweden's Stegra AB has run into cost overruns and needed new funding, a reminder that execution risk is real. If Hydnum nails financing and timing, it would be a rare greenfield hydrogen-steel project in Europe and a useful read on how quickly cleaner steel supply might show up for manufacturers - and, eventually, consumers.
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