The brief
- $186M Series B led by Capricorn and Temasek. $50M grant from Breakthrough Energy Catalyst.
- Meta, Nucor and Toyota Tsusho signed offtake agreements for clean iron.
- Colorado demo plant produces 500 t/yr. First iron mid-2026; commercial plant 2029.
Technical approach
Ore dissolution
Low-temperature acid solution
Iron ore is dissolved in a water-based acidic solution at ~60°C, removing impurities and freeing iron ions from their oxide bonds.
Purification
Selective removal of co-products
Electra removes silica, alumina and other minerals from the solution, leaving pure iron ions that can be electrodeposited.
Electrodeposition
Electric current deposits pure iron
Running electricity through the solution electrodeposits 99%-pure iron onto large metal sheets, which can be melted for use in steelmaking.
Renewable power
Electricity from wind and solar
The process uses electrolysis driven by renewable energy, producing zero direct carbon emissions and oxygen as a by-product.
