HQ: Boulder, CO
Steel from the sun.
From vehicles to bridges to skyscrapers, modern society is made of steel. At 1% of the global GDP and 7% of GHG emissions, steel’s impact will only grow as populations expand and urbanize. Yet, the dirty, expensive, and inefficient production process hasn’t changed much since the 19th century. Cleaning it up is technically tough and fierce global competition makes it near-economically impossible.
How it Works
Electra is developing a novel electrochemical process for producing carbon-free steel. Whereas most steelmaking uses coke (coal) to turn iron ore into pure iron at 1400ºC, Electra, uses renewable energy at 60ºC, significantly reducing capex and energy needs. Because the process is highly flexible and can plug into any cheap renewable electricity, it can even provide valuable grid balancing services.
Electra aims to produce a globally essential commodity below prevailing costs without carbon pricing. If their core technology is validated, their steel can be produced at a lower levelized cost than any alternative, anywhere in the world. Add on carbon pricing, as many markets are already proposing, together with profits from providing grid balancing services and the advantage only grows.
Gigatons of CO2e
potentially avoided by 2050
SANDEEP NIJHAWAN CEO & FOUNDER
Sandeep has 20+ years of experience in clean energy technology and venture creation. He holds a PhD in mechanical engineering from the University of Minnesota.
How to make emissions-free iron at temperatures cooler than coffeeBloomberg
Iron and steel’s US $1.4 trillion shot at decarbonisationWood Mackenzie
Cleaning up steel is key to tackling climate changeFinancial Times