HERZOGENAURACH (dpa-AFX) - Automotive supplier Schaeffler is increasing its investment in Swedish start-up H2 Green Steel. In the latest round of financing, the Herzogenaurach-based group increased its investment by 65 million euros to a total of 100 million euros, it announced Monday. For Schaeffler, this is the largest equity investment in a minority stake in another company to date, it said.

Schaeffler did not give exact figures for its share in H2 Green Steel. However, it said there were larger investors. In its most recent capital round, H2 Green Steel had raised €1.5 billion, according to the company. The company aims to produce steel with CO2 emissions reduced by up to 95 percent by using hydrogen instead of coal.

Schaeffler also wants to contribute its expertise in the development of new steel grades as a strategic technology partner of H2 Green Steel and, together with H2 Green Steel, create new applications in the use of sustainable rolling bearing solutions in production./ruc/DP/ngu