Investing in green steel: Swedish start-up GreenIron raises SEK 100 million
Summary
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 has an interesting circular green technology in an area that can have a huge positive impact on the climate and Swedish industry.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.