Michael Holder of GreenBiz reports that Electra has secured an $85 million investment.
- Electra refines ore into pure iron electrochemically and at the low temperature of 140°F. By comparison, most ore is refined at temperatures above 2,000°F.
- By using such low temperatures in the steel making process, Electra is able to use renewable energy.
- Electra estimates that its process holds the potential to eliminate iron ore conversion emissions, which accounts for 90% of emissions in steel making.
“Electra is planning to complete the build of its first iron ore refining pilot plant at its headquarters in Colorado next year, as it pushes forward with its broader aim to have its first commercial-scale plant up and running before the end of the decade. The firm said it is also aiming to forge additional partnerships across the entire steel value chain in order to accelerate the transition to green steel.”
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