Electra, a leader in low-carbon iron production, has raised USD 186 mln in Series B funding, co-led by Capricorn Investment Group and Temasek Holdings. This brings its total funding to USD 214 mln, solidifying its position as a key player in decarbonizing iron production and advancing its commercialization efforts.
The round attracted top-tier investors from across the industry, including financial backers like Breakthrough Energy Ventures, Builders Vision, and Lowercarbon Capital, as well as strategic investors such as BHP Ventures and global iron ore suppliers Rio Tinto and Roy Hill. Leading steelmakers Nucor and Yamato Kogyo, along with organizations like Toyota Tsusho Corporation, also participated, highlighting their commitment to reducing environmental impact in their supply chains.
Electra’s modular, patented process uses flexible, cost-effective iron ore and intermittent renewable energy to produce high-quality, 99pct pure iron. The Series B funds will support the construction of Electra’s demonstration plant in Colorado, set to begin later this year. This plant will produce clean iron for partner testing and help pave the way for a first-of-a-kind commercial plant by the end of the decade.
Electra’s low-temperature, electrochemical-hydrometallurgical process produces gangue-free iron, ready for electric arc furnaces, and is backed by major industry players like Nucor and BHP.