Swedish startup GreenIron raises 8.7 million euros to build fossil-free iron plant

GreenIron is preparing to deliver fossil-free iron in Sandviken, Sweden. Supported by SEK 100 million (approx. 8.7 million euros) of additional financing provided by existing shareholders, climate-neutral iron production is to begin by the end of 2024.

In April, GreenIron obtained the environmental permit for its first full-scale production unit in Sandviken, Sweden. According to the company, construction of the facility is now ongoing, and GreenIron is approaching commercial production of fossil-free iron by the end of 2024. To secure this further expansion, GreenIron has raised SEK 100 million of additional capital from existing shareholders. This also paves the way for a larger financing round within the next six to nine months. Edward Murray, CEO, comments: “We are grateful for the confidence that our shareholders have shown in our technology and our ability to deliver fossil-free material. This enables us to continue our journey towards our goal of 300 furnaces by 2030 in pursuit of a sustainable future.
The metals and mining industries often consider residuals from the production process to be waste, and they commonly end up in landfills or slag heaps. With GreenIron’s technology, the CEO says that it is possible to recycle these materials, converting them to valuable commodities.
The company’s customer and supplier group consists of the mining, steel, foundry, and manufacturing industries. As part of the recycling industry, the company aims to collect by-products, such as residuals and waste, from the industry and turn them into usable metals again. With its CO2-free technology, it seeks to create a new green business segment in the existing metals and mining market.
The startup’s current focus is in establishing production in Sandviken and delivering fossil-free iron as soon as possible. GreenIron will thus pave the way for the mining and metal industries to adjust their production with the aim of reducing CO2 emissions.
Source: GreenIron