Electra, a green iron company, has raised $85 million to produce Low-Temperature Iron (LTI) from commercial and low-grade ores using zero-carbon intermittent electricity.
Electra’s process claims to emit zero carbon dioxide emissions and carries zero green premium, meaning it will cost the same or less than existing production methods powered by fossil fuels.
"Electra's iron is the fulcrum to decarbonize steelmaking and to de-risk the iron ore challenge."Sandeep Nijhawan, Electra CEO
"Electra's iron is the fulcrum to decarbonize steelmaking and to de-risk the iron ore challenge," said Electra CEO Sandeep Nijhawan. "Our team, starting with a clean sheet, developed an electrochemical process to refine iron ore to high purity iron by radically lowering the process temperature from 1,600 to 60 degrees Celsius, replacing coal energy with intermittent renewable energy, and displacing commercial ores with lower-grade ores that are not being used or are currently treated as waste today. We also have a historic opportunity to decentralize the global iron and steel supply chain and re-shore manufacturing and mining jobs."
"Electrifying cost-effective ironmaking without carbon emissions is a paradigm shift in how steel has been made for centuries by burning fossil fuels.''Carmichael Roberts, Breakthrough Energy Ventures
"Decarbonizing ironmaking is essential for a zero-carbon future and an unparalleled trillion-dollar market opportunity," said Carmichael Roberts of Breakthrough Energy Ventures. "Electrifying cost-effective ironmaking without carbon emissions is a paradigm shift in how steel has been made for centuries by burning fossil fuels. We're proud to have supported Electra in this critical mission from its founding."
Electra plans to forge additional partnerships across the entire steel value chain. Iron ore companies, steel companies, and any company that relies on steel are invited to collaborate with Electra to accelerate the transition to green steel.
Source: Business Wire