$ cat ./records/gates-backed-startup-electra-raises-129-million-to-make-emissions-2025.txt
Gates-backed startup Electra raises $129 million to make emissions-free iron for steel
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Bill Gates's Breakthrough Energy Ventures is among the backers of Electra, a Colorado startup developing a way to make iron for steel without carbon emissions; in April 2025 Electra raised $129 million (bringing its total to $214 million) to scale a process that uses electricity to separate iron from ore at temperatures 'cooler than coffee.' Steelmaking is one of the largest industrial sources of greenhouse gases, and Gates has long argued that hard-to-decarbonize sectors need breakthrough technologies, not just renewables. Electra aims to run a 50,000-ton plant by 2029 and a million-ton plant in the early 2030s.
Source: https://www.seattletimes.com/business/bill-gates-backed-startup-races-ahead-on-green-steel/
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