Reducing iron ore to 96% without CO2 emissions
Stockholm-based company GreenIron raised SEK 100 million from Wallenberg investment company FAM, Almi Invest GreenTech fund and other investors. The start-up will work on the production of fossil-free steel and iron from residual products and from steelworks.
FAM is investing SEK 50 million in GreenIron, which is now starting to develop its process technology with a view to commercialising the production of fossil-free iron from residues and waste.
GreenIron currently has five patents covering the system and the process solution for reducing metal oxides and one patent for the carbonisation of fossil-free iron. The company is now looking for a location to establish operations, and the plan is to build GreenIron’s first plant in Sweden in early 2023, with the start of activities later that year.
We are pleased to support GreenIron in their progress towards increasing the production of fossil-free iron and steel. The company has an interesting circular green technology in an area that can have a huge positive impact on the climate and Swedish industry.
Håkan Buskhe, CEO of FAM
The innovative solution developed by GreeIron shows it is possible to increase the recycling of iron without carbon dioxide emissions. The start-up is supported by EIT RawMaterials and has four valuable patents for a unique innovation: a furnace that creates pure iron without any emissions. The furnace makes it possible to recycle residual products from the steel, mining and manufacturing industry. The process is entirely CO2 free; the only emissions from the process are water and reduced iron pellets.
Our small furnaces where we use hydrogen can be placed where waste and residual products are generated and can provide, for example, fossil-free steel that can be reused in steel production with a minimum of transportation.
Edward Murray, CEO of GreenIron