Boulder Colorado based green iron company Electra has raised USD 85 million to produce Low-Temperature Iron from commercial and low-grade ores using zero-carbon intermittent electricity. Electra’s process emits zero carbon dioxide emissions and carries zero green premium, meaning it will cost the same or less than existing production methods powered by fossil fuels. Electra, founded by entrepreneurs with decades of experience developing complex electrochemical systems, has created a novel process to electrochemically refine iron ore into pure iron at 60 degrees Celsius using renewable electricity and then convert the iron to steel using the existing infrastructure of electricity-powered arc furnaces. By comparison, 69% of steel today is made at approximately 1,600 degrees Celsius using coal, emitting about two tons of carbon dioxide for every ton of steel produced. Electra leverages proven electrochemical and hydrometallurgical methods to reach industrial scale with low technical and scaling risks. Electra will complete the build-out of a green-iron refining pilot plant in 2023 at its headquarters in Boulder, CO, and plans to have a commercial-scale demonstration plant qualified by the second half of this decade. The 50-person company recently opened a new office in Boston, MA to help expand its roster of engineers, scientists, and professional support staff.