Clean iron innovator Electra has raised $186 million in a Series B funding round co-led by Capricorn Investment Group and Temasek, bringing its total funding to $214 million. The capital will accelerate the development of its breakthrough fossil-free iron production technology, including a demonstration plant in Colorado slated to launch in 2025.
Electra’s patented process produces 99% pure iron from low-grade ores using renewable electricity, offering a scalable alternative to traditional, carbon-intensive methods. The company’s solution is gaining traction amid growing demand for low-emission materials in sectors such as steelmaking and electric vehicle manufacturing.
The funding round attracted major players across mining, steel, and climate tech, including BHP, Rio Tinto, Nucor, Breakthrough Energy Ventures, and Toyota Tsusho. Electra is also collaborating with OEMs and manufacturers through signed MoUs with ZF Group and Interfer Edelstahl Group to supply clean iron for steel and battery components.
“Our demand for sustainable feedstocks like Electra’s product will only continue to grow,” said Noah Hanners, EVP of sheet products at Nucor.
The Colorado demo plant will validate Electra’s technology and support partner testing, paving the way for commercial-scale deployment by the end of the decade.
