Stockholm-based GreenIron, a startup focused on cost-efficient CO2-free reduction of metal oxides to pure metals, announced recently, that it has secured an additional SEK 100M ( approximately €8.6M) financing from existing shareholders.
The capital injection comes a few months after GreenIron obtained the environmental permit for its first full-scale production unit in Sandviken, Sweden.
Construction of the facility is now ongoing, and GreenIron is approaching commercial production of fossil-free iron by the end of 2024.
The Swedish company will use the funds to establish production in Sandviken and deliver fossil-free iron as soon as possible.
As a result, the company is paving the way for the mining and metal industries to adjust their production to reduce CO2 emissions.
Additionally, the company is also planning to raise more funding in six to nine months.
Edward Murray, CEO, says, “We are grateful for the confidence that our shareholders have shown in our technology and our ability to deliver fossil-free material. This enables us to continue our journey towards our goal of 300 furnaces by 2030, pursuing a sustainable future.”
Announces new financial advisors
In other news, GreenIron has also announced that Rothschild & Co. and SEB will be the global financial advisors for the upcoming planned equity round.
“This is to support our ambitious expansion plan in which we aim to reach a volume of 6,000,000 tonnes of fossil-free iron and dispatch 300 furnaces by 2030. To this end we are very pleased with our partnership with Rothschild & Co and SEB and look forward to a fruitful collaboration of this financial round”, says Edward Murray, CEO.
GreenIron: Recycling minerals and metals sustainably
Led by Edward Murray, GreenIron focuses on cost-efficient CO2-free reduction of metal oxides to pure metals.
The company is on a mission to contribute to a reduction in CO2 emissions from the production of iron, steel, and non-ferrous metals – a sector that accounts for approx. 8 per cent of the global greenhouse gas emissions.
The Swedish company does this by utilising fossil-free hydrogen as a reducing agent, which results in water being the only by-product, rather than the traditional emissions of carbon dioxide in reduction processes.
The company’s recycling-oriented business model is focused on reducing the unsustainable mining of finite natural resources.
GreenIron’s scalable technology also allows the processing of virgin raw materials into pure metals.
According to the company’s claims, its technology is energy efficient because it uses three forces of nature: temperature, pressure, and gravity.
By installing multiple furnaces on one site, heat and gas can be recycled between different furnaces. The heat and gas from one process can therefore be recycled to the next process with minimal waste.
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