Electra, a startup supported by Bill Gates and Amazon, has launched its inaugural steel production facility in the United States. Located in Colorado, this pilot plant employs renewable energy to extract clean metallic iron from high-impurity ores, aiming to produce environmentally-friendly "green" steel, thus reducing the ecological footprint of steel manufacturing.
By harnessing renewable energy sources, Electra achieves emissions-free iron production at significantly lower temperatures compared to conventional coal-fired furnaces. With a purity exceeding 99%, their clean iron is highly sought-after by electric arc furnace (EAF) steelmakers, marking a significant stride towards a cleaner and more sustainable steel industry.
Electra has devised an innovative process for green steel production, operating at a mere 60 degrees Celsius—considerably cooler than traditional steelmaking methods reliant on coal-fired furnaces. Leveraging proven electrochemical and hydrometallurgical techniques on an industrial scale, their process involves dissolving iron oxide ore in an acidic aqueous solution, selectively refining impurities like alumina and silica, and directly reducing iron oxide into pure iron metal without blast furnaces or coal combustion.
The result is gangue-free iron metal with exceptional purity, suitable for direct use in EAF steelmaking, offering a greener alternative to conventional methods which emit a significant portion of global carbon dioxide emissions.
Electra's pilot plant represents a substantial stride towards a cleaner, more sustainable, and circular steel industry, supported by collaborative efforts across the value chain with the aim of producing millions of tons of clean iron by the decade's end.
In October 2022, Electra secured $85 million in Series B funding from a distinguished group of investors, including Breakthrough Energy Ventures founded by Bill Gates, Amazon, BHP Ventures, Temasek, S2G Ventures, Capricorn Investment Group, Lower carbon Capital, Valour Equity Partners, and Baruch Future Ventures.
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