US Green Steel Startup Raises $129 Million Amid Trump Tariff Uncertainty
Trump's steel tariffs are meant to promote US production. That hasn’t spurred Colorado-based startup, whose technology produces iron without planet-warming emissions, to build its first commercial plant in the US yet.
Employees guide a cathode coated with 99% pure iron out of an electrowinning cell at the Electra production facility in Gunbarrel, Colorado.
Photographer: Chet Strange/BloombergTakeaways NEW
Colorado-based Electra has raised $129 million in a new funding round to continue developing technology that can produce iron needed for steel at temperatures below boiling water and without planet-warming emissions.
The startup, which came out of stealth in 2022, has raised a total of $214 million from investors including Bill Gates-led Breakthrough Energy Ventures, Singapore-based Temasek Holdings, and Capricorn Investment Group.