Stockholm-based GreenIron, a startup focused on the cost-efficient CO2-free reduction of metal oxides to pure metals, has recently raised an additional SEK 100M (approximately €8.6M) from existing shareholders. This new capital injection follows the granting of an environmental permit for GreenIron’s first full-scale production unit in Sandviken, Sweden.
The construction of GreenIron’s Sandviken facility is underway, with the goal of commencing commercial production of fossil-free iron by the end of 2024. The new funds will facilitate the establishment of production capabilities and the delivery of fossil-free iron, helping the mining and metal industries to reduce CO2 emissions.
CEO Edward Murray expressed his gratitude: “We are grateful for the confidence our shareholders have shown in our technology and our ability to deliver fossil-free material. This investment enables us to continue our journey towards our goal of 300 furnaces by 2030, pursuing a sustainable future.”
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Future Funding and Financial Advisors
GreenIron is planning another funding round within the next six to nine months. The company has announced that Rothschild & Co. and SEB will serve as global financial advisors for the upcoming equity round. Murray noted, “We aim to reach a volume of 6,000,000 tonnes of fossil-free iron and deploy 300 furnaces by 2030. We are pleased with our partnership with Rothschild & Co and SEB and look forward to a fruitful collaboration.”
Sustainable Metal Recycling
Led by CEO Edward Murray, GreenIron focuses on the CO2-free reduction of metal oxides using fossil-free hydrogen, with water as the only by-product. This approach aims to significantly reduce CO2 emissions from the production of iron, steel, and non-ferrous metals, a sector responsible for approximately 8% of global greenhouse gas emissions. GreenIron’s technology also allows for the processing of virgin raw materials into pure metals using natural forces like temperature, pressure, and gravity, ensuring energy efficiency and minimal waste.
With this substantial investment, GreenIron is set to advance its mission of promoting sustainable metal production and contributing to the global reduction of CO2 emissions.
