News Summary

Electra, a startup focused on cleaning up the ironmaking industry, has raised $76.3 million as part of a larger $256.7 million funding round. The company has developed a novel method called electrowinning, traditionally used for metals like copper and nickel, to purify iron. This method uses electricity to extract pure iron from low-grade ores, offering a cleaner alternative to conventional blast furnaces which are highly polluting and responsible for significant carbon emissions. Electra’s acid-based process can handle lower-grade ores and operates at a lower temperature, making it a promising solution to reduce emissions in steelmaking. The company had previously raised $85 million in 2022 from notable investors such as Amazon and Breakthrough Energy Ventures.