Catherine Clifford of CNBC reports on a green steel company.
- The steel industry contributes $1.6 trillion to the global GDP and is responsible for nearly 9% of annual CO2 emissions.
- Boston Metals is hoping to tap into the this market by using electricity, instead of coal, to make a zero-carbon steel.
- While the process emits zero emissions, a lot of clean power is needed to produce the steel.
- Boston Metals will soon start to license its process to steel companies that are pledging to be carbon-zero by 2050.
“Boston Metal’s technology, Molten Oxide Electrolysis, passes electricity through the iron oxide mixed with what Carneiro calls a “soup of other oxides” to make iron and oxygen. Oxides are chemical compounds that contain at least one oxygen atom, and Boston’s process includes common oxides like alumina, silica, calcium and magnesium.”
Read the full article here.
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