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.
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