Swedish startup GreenIron, developer of a fossil-free mining technology, is now preparing to deliver fossil-free iron in Sandviken, Sweden, supported by SEK 100 million ($9.2m) of additional financing provided by existing shareholders.
Swedish startup GreenIron, developer of a fossil-free mining technology, is now preparing to deliver fossil-free iron in Sandviken, Sweden, supported by SEK 100 million of additional financing provided by existing shareholders.
In April, GreenIron obtained the environmental permit for its first full-scale production unit in Sandviken, Sweden. Construction of the facility is now ongoing, and the company is approaching commercial production of fossil-free iron by the end of 2024.
To secure this further expansion, GreenIron has raised SEK 100 millionof additional capital from existing shareholders. This also paves the way for a larger financing round within the next six to nine months.
“We are grateful for the confidence that our shareholders have shown in our technology and our ability to deliver fossil-free material.''
Edward Murray, CEO, GreenIron
Edward Murray, CEO commented: “We are grateful for the confidence that our shareholders have shown in our technology and our ability to deliver fossil-free material. This enables us to continue our journey towards our goal of 300 furnaces by 2030, in the pursuit of a sustainable future.”
With Linde as its hydrogen supplier, GreenIron will recycle and produce iron and other metals in the Sandviken region.
The company has stated that its current focus lies in establishing production in Sandviken and delivering fossil-free iron as soon as possible.