American Startup Backed by Tech Giants Launches New Green Steelmaking Project

May 17, 2024

A facility in Colorado will produce clean metal using high-impurity minerals

By Editorial Office

 

The goal is to obtain high-purity iron from low-grade minerals, usable for steel production with electric arc furnaces, and to power the process using only energy from renewable sources.

The formula for the “miracle” of green steelmaking seems to have been found in Colorado by a startup supported with capital from two giants of the digital economy: Amazon and Bill Gates.

The news, reported by Tomorrow’s World Today, concerns the inauguration of an Electra facility that will produce clean metal using high-impurity minerals. The process used by Electra transforms low-quality iron minerals into high-purity iron at 140 degrees Fahrenheit, a much lower temperature compared to traditional coal furnaces.

Electra’s iron, 99% pure, can be used along with recycled scrap to produce low-emission steel in electric arc furnaces.

Sandeep Nijhawan, CEO and co-founder of Electra, stated: “Clean iron produced from a wide range of minerals is crucial to sustainably decarbonize the steel industry.” The green steel sector presents “a trillion-dollar market opportunity,” according to Carmichael Roberts of Breakthrough Energy Ventures, Bill Gates’ energy innovation fund.

Electra plans to increase production to commercial levels. BHP, a major iron ore supplier and investor in Electra, provided the ore for the pilot project.

In 2022, Electra received $85 million in funding from backers, including Breakthrough Energy Ventures. “Electrifying iron production at low cost without carbon emissions represents a paradigm shift for the steel industry,” says Roberts.

Electra’s project also aims to produce clean iron plates measuring 3.3 feet square, gradually increasing production capacity.

 

 

recent focus