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Electra found a cheap, clean way to purify iron, and it’s raising $257M to make it happen
Electra has raised $76.3 million to clean up the dirty ironmaking industry, TechCrunch has learned. The startup has developed a novel method of using
The startup has developed a novel method of using electricity to coax pure iron out of low-grade ores, opening the door to cleaner steel. The main process used to make iron today — melting ore in searing-hot blast furnaces driven by burning fossil fuels — has remained largely unchanged for centuries. But adapting electrowinning to iron has been challenging, in part because it usually requires higher-grade ores, making the end product too expensive to compete with blast furnaces.
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