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January 19, 2024
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Element Zero’s Green Steel Startup Secures $10 Million in Funding

TLDR:

  • Green materials platform company, Element Zero, has raised $10 million in seed funding.
  • The funding will be used to scale up the company’s platform aimed at decarbonizing the production of iron and other critical metals.
  • Element Zero offers a cost-effective and efficient platform for converting iron ore and other metals into their pure metal form with zero carbon emissions.
  • Steel production is one of the largest sources of CO2 emissions globally.
  • The company plans to develop five million tons per year of iron ore feed, producing around 2.7 million tons of high-purity iron.
  • The funding round was led by venture capital firm Playground Global.

Element Zero, a green materials platform company, has raised $10 million in seed funding to scale up its platform aimed at decarbonizing the production of iron and other critical metals. The company offers a cost-effective and efficient platform for converting iron ore and other metals into their pure metal form with zero carbon emissions. This is achieved through a non-aqueous electrochemical process that can run on intermittent renewables. The company claims its process uses 30-40% less energy per ton of iron compared to coal and gas-based processes. Steel production is one of the largest sources of CO2 emissions globally, making the industry a challenging sector to decarbonize. Element Zero plans to develop five million tons per year of iron ore feed, producing around 2.7 million tons of high-purity iron. The funding round was led by venture capital firm Playground Global.

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