Electra Secures Meta, Nucor Deals to Scale Low-Carbon Iron Production

Electra, a Colorado-based startup founded in 2020, is pioneering a low-temperature, electrochemical process to refine iron ore into 99% pure iron using renewable energy, aiming to reduce the steel industry's carbon footprint. The company has secured significant purchase agreements with major steel companies including Nucor and Toyota Tsusho, who plan to use Electra's clean iron to produce green steel for various applications, such as electric arc furnace steelmaking and automotive manufacturing. Electra is constructing a 130,000-square-foot demonstration facility in Jefferson County, Colorado, expected to begin operations in mid-2026 and produce up to 500 metric tons of low-carbon iron annually, supported by a $50 million grant from Bill Gates-backed Breakthrough Energy Catalyst and an $8 million Colorado state tax credit. Meta has signed an Environmental Attribute Credit (EAC) agreement with Electra to obtain credits linked to emissions reductions from Electra's iron, aligning with Meta's goal to achieve net-zero emissions across its supply chain by 2030 and marking Electra's first EAC purchase. These developments signify a major step forward in the commercialization and scaling of sustainable steel production technologies, highlighting growing corporate commitments to decarbonize heavy industry supply chains.