H2 Green Steel (H2GS), a Swedish startup, has accomplished a remarkable feat by securing €6.5 billion in project finance for its hydrogen-based steelmaking project in Boden, Sweden. Despite facing challenges typical of first-of-a-kind green industry projects, H2GS managed to attract financing through strategic practices that could serve as a guide for future projects. One of the crucial factors in their success was securing proven customer demand by establishing long-term offtake contracts with clients in industries like automotive who have Scope 3 emission targets. Additionally, H2GS focused on de-risking its financial structure by obtaining senior debt and credit guarantees from government agencies, thereby making it more appealing to commercial lenders. The company also emphasized the importance of selecting an optimal location for the project to ensure cost-efficiency and resource accessibility, particularly highlighting the need for cheap clean power for hydrogen-based steel projects. Moreover, the experienced leadership at H2GS played a vital role in attracting investors by leveraging their industry connections and expertise in project development and financing. By showcasing a strong track record and a robust execution plan, H2GS was able to build confidence among investors and secure the necessary funding for their innovative project. Overall, H2 Green Steel's success story demonstrates the importance of customer demand, financial de-risking, project optimization, and leadership in driving the transition towards sustainable green industries.