US-based Electra has signed a joint development agreement with POSCO to advance and scale clean iron production technologies, alongside an investment from POSCO Investment.
The partnership will focus on integrating Electra’s electrochemical ironmaking process with POSCO’s direct reduction and steelmaking technologies to assess commercial-scale applications.
Electra produces 99pct pure iron as a feedstock for electric arc furnace (EAF) steelmaking. Its technology uses electricity and chemistry to convert a range of iron ores into high-purity iron, offering a potential low-carbon alternative to conventional ironmaking routes.
The agreement follows recent progress in Electra’s commercialization, including a USD 30 mln venture debt facility from J.P. Morgan, a USD 50 mln Breakthrough Energy Catalyst award, the launch of a demonstration plant, and advanced purchase agreements with steelmakers and traders.
Electra develops modular ironmaking systems for low-carbon steel production, while POSCO is a global steel producer advancing hydrogen-based and low-emission steelmaking technologies as part of its decarbonization strategy.