Clean iron producer Electra announced that it has secured $30 million in new capital, through a venture debt facility from J.P. Morgan.

Founded in 2020, Colorado-based Electra has developed a low-temperature process to electrochemically refine iron ore into 99% pure iron, using chemistry and renewable energy in place of traditional ironmaking’s coal and extreme heat. The process works by dissolving iron ore in an acidic solution, removing co-products from the solution and then running electricity through the solution to electrodeposit the iron onto metal sheets.

Key benefits of the technology include the ability to use intermittent renewable energy due to the low-temperature needs of the process, and to use a wide range of ores, including previously mined and unused materials, compared with traditional ironmaking, which requires high grade ores as feedstock. The process also removes co-products such as silica and alumina, reducing waste and preserving critical minerals.

According to Electra, the new capital will be used for planning and preparation as the company advances toward its first commercial facility. The company recently announced purchase deals with several global steel companies to help reduce the carbon footprint of their products, and an Environmental Attribute Credit (EAC) agreement with Meta to help address the social media and communications giant’s supply chain emissions.