Binding Solutions Limited (BSL) has completed a $5m equity fundraising to progress the company's Cold Agglomerated Pellet (CAP) plant.
The funds will be used to advance engineering and other studies ahead of a final investment decision, as well as develop several commercial opportunities to pelletise fine material with DRI producers and blast furnaces.
Jon Stewart, CEO at BSL, said: “This investment demonstrates the confidence our investors have in BSL following the successful industrial trial with British Steel and partnership with Salzgitter. It also reinforces the enormous potential of our technology to support the global iron ore and steel industries.”
He continued: “We are now well placed to advance the commercialisation of our technology through the completion of all remaining steps towards selecting a site for our first-of-a-kind commercial plant.”
The fundraising was led by existing shareholders such as Mitsui Iron Ore Development (MIOD) and Champion Iron.
Separately, BSL and MIOD have signed a Memorandum of Understanding under which BSL will apply its proprietary technology to produce CAPs for implementation in Australian Pilbara iron ore operations.
It is hoped that the BSL CAP technology will enable the conversion of fine Pilbara material into seaborne pellets, creating a potential new source of low greenhouse gas emission (GHG) pellet supply.
Stewart added: “The progress we have already achieved working with MIOD to develop a CAP for Australian Pilbara iron ore, the world’s largest iron ore producing region, creates a significant additional market opportunity for Binding Solutions and could unlock a major new source of low GHG pellets to meet growing global demand.”
