SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation announced equity investment in Electra- a Colorado-based start-up which has been focusing on development of a process to produce carbon-free iron, which in turn could be used in steel manufacturing process.
Electra’s proprietary technology makes use of electrochemical and hydrometallurgical processes to refine low-grade iron ores into high-purity iron by using renewable energy. This could be used as replacement for high-quality metallic in steelmaking process, thus saving greenhouse gas emissions significantly. Incidentally, the process boasts of zero carbon dioxide emissions.
The process uses intermittent electricity to produce Low-Temperature Iron (LTI) from commercial and low-grade ores. The refined iron ore, produced by electrochemical process can be turned into steel using the existing electric arc furnaces, said the company press release.
Leon Topalian, Chairman, President and Chief Executive Officer of Nucor Corporation stated that the company is excited to partner with Electra and its revolutionary process to produce emission-free iron.