UK-based Binding Solutions Limited (BSL) has completed a USD 5 mln equity fundraising round led by existing shareholders, including Mitsui Iron Ore Development Pty. Ltd. and Champion Iron, to accelerate the commercialization of its low-emission pellet technology.
The proceeds will be used to advance engineering and feasibility studies ahead of a final investment decision for BSL’s first commercial cold agglomerated pellet plant. The company will also develop commercial opportunities with direct reduced iron producers and blast furnace operators, while expanding product development for direct reduction and hydrogen-based pellet applications.
Separately, BSL and Mitsui have signed a memorandum of understanding to apply BSL’s proprietary technology to Australian Pilbara iron ore operations, where Mitsui has a strong presence. The partners aim to convert fine Pilbara material into seaborne pellets, creating a potential new source of low greenhouse gas emission pellet supply.
BSL has previously completed industrial trials with British Steel and Salzgitter. Under the MoU, further product development will continue at BSL’s technology centre in Middlesbrough, UK, using its in-house R&D and testing facilities.
The company’s cold agglomeration process uses proprietary binders and avoids high-temperature firing, cutting energy use by around 80pct and greenhouse gas emissions by up to 70pct compared with conventional pelletizing. BSL said the technology also offers lower capital costs, strong metallurgical performance and the ability to recycle fine waste materials back into steelmaking.
