On October 6, 2022, Electra, a green iron company, announced it raised $85 million to produce Low-Temperature Iron (LTI) from commercial and low-grade ores using zero-carbon intermittent electricity. The company's backers include Bill Gates-founded Breakthrough Energy Ventures, Amazon, BHP Ventures, Temasek, S2G Ventures, Capricorn Investment Group, Lowercarbon Capital, Valor Equity Partners, Baruch Future Ventures, and others.

Electra's Oxygen-Decoupled Electrolysis (ODE) process emits zero carbon dioxide emissions and carries zero green premium, meaning it will cost the same or less than existing production methods powered by fossil fuels. The company plans to forge additional partnerships across the entire steel value chain, and invites iron ore companies, steel companies, and any company that relies on steel to collaborate with Electra to accelerate the transition to green steel.

Wilson Sonsini Goodrich & Rosati partner Brent Fassett represented Electra in its funding.

For more information, please see the press release. Additional coverage can be found at Bloomberg.