Stockholm-based GreenIron, known for its innovative CO2-free reduction of metal oxides to pure metals, has recently secured an additional SEK 100M (approximately €8.6M) from existing shareholders. This funding will bolster the company’s efforts in establishing its first full-scale production unit in Sandviken, Sweden, which is expected to commence commercial production of fossil-free iron by the end of 2024.
GreenIron’s latest funding round follows the recent environmental permit approval for its Sandviken facility. While the construction of the facility progresses, the company is setting the stage for significant advancements in fossil-free iron production. This initiative is part of a broader strategy to aid the mining and metal industries in reducing CO2 emissions. Unlike previous reports which mainly highlighted the environmental permit, this news emphasizes the substantial financial backing GreenIron has received. Previous updates also did not elaborate on the planned timeline for commercial production, which is now clarified to be by the end of 2024.
In addition to the current funding, GreenIron has indicated plans for another fundraising round in six to nine months. This forward-looking approach underscores the company’s commitment to its long-term goal of establishing 300 furnaces by 2030, a vision strongly supported by its shareholders.
Secures New Financial Advisors
GreenIron has announced the appointment of Rothschild & Co. and SEB as global financial advisors for its upcoming equity round. This move aims to support the company’s ambitious expansion to reach a production volume of 6,000,000 tonnes of fossil-free iron and deploy 300 furnaces by 2030. CEO Edward Murray expressed optimism about this new partnership and its potential to drive GreenIron’s growth.
“This is to support our ambitious expansion plan in which we aim to reach a volume of 6,000,000 tonnes of fossil-free iron and dispatch 300 furnaces by 2030. To this end, we are very pleased with our partnership with Rothschild & Co and SEB and look forward to a fruitful collaboration of this financial round,” said Edward Murray, CEO.
Innovative Sustainable Practices
GreenIron’s approach to metal production includes the use of fossil-free hydrogen as a reducing agent, resulting in water as the only by-product. This method significantly reduces CO2 emissions compared to traditional processes. The company’s scalable technology also supports the recycling of heat and gas between furnaces, enhancing energy efficiency.
The company’s model emphasizes the reduction of unsustainable mining practices by focusing on the recycling of minerals and metals. This sustainable approach is particularly important given the sector’s significant contribution to global greenhouse gas emissions. GreenIron’s technology further stands out by utilizing temperature, pressure, and gravity to achieve energy-efficient metal reduction.
GreenIron’s advancements in the metal production sector represent an important step forward for sustainable industrial practices. By leveraging innovative technology and securing substantial financial support, GreenIron is well-positioned to lead the charge in reducing CO2 emissions. Anticipation for their commercial production by the end of 2024 is high, signaling a transformative shift in how metals are produced. Their strategic partnerships and future fundraising plans further highlight the company’s commitment to scaling its impact.
