Co-led by Capricorn Investment Group and Temasek Holdings, the round brings Electra’s total funding to US$214 million, reinforcing its position as a leading solution for decarbonizing iron production, the company said. The round also included participation from Nucor Corp., Rio Tinto and BHP. 

“Electra's technology can significantly reduce the steel industry's carbon footprint, and we are thrilled to have the support of such a diverse group of investors who share our vision of reinventing ironmaking from the ground up,” said Sandeep Nijhawan, Electra’s chief executive officer and co-founder. “There is a growing demand for our clean iron and this funding puts us on the fast track to commercial-scale production.”

The Series B funding will support the construction of Electra’s demonstration plant in Colorado. The demonstration plant will produce Electra’s clean iron for partner testing and qualification and lay the foundation for the company’s first-of-a-kind commercial plant by the end of the decade.

Noah Hanners, Nucor's executive vice president for sheet products, said access to sustainable feedstock will become all the more critical in the years ahead. 

“We’re seeing a shift in the automotive sector toward increased use of steel made via EAF technology, driven by OEMs’ focus on lowering the embedded carbon footprint of their vehicles,” Hanners said. “At Nucor, our sheet mill investments are positioning us to meet that demand by elevating EAF capabilities to produce the high-performance steel automakers need. That transition makes technologies like Electra’s even more critical.”