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Nucor Investing in Start-Up Company Developing Zero-Carbon Iron Technology
Nucor Corporation (NYSE: NUE) announced today that it has made an equity investment in Electra, a Colorado-based start-up developing a process to produce carbon-free iron that can be used to make steel. The company uses renewable energy to refine low-grade iron ores into high-purity iron through electrochemical and hydrometallurgical processes. This material will be used in the steelmaking process to offset other high-quality metallics that come with higher greenhouse gas emissions.
The process developed by Electra produces Low-Temperature Iron (LTI) from commercial and low-grade ores using zero-carbon intermittent electricity. The company electrochemically refines iron ore into pure iron at 60 degrees Celsius (140 degrees Fahrenheit) using renewable electricity. That iron can be turned into steel using existing electric arc furnaces, which account for 70% of steel production in the U.S.