Clean iron start-up Electra has secured $30 million in new capital through a venture debt facility from JPMorgan, with the funding set to support the company’s first commercial facility and broader business expansion.
Electra said the financing will help accelerate its path to market as it works towards reaching commercial scale by the end of 2030.
James Rutland, Chief Financial Officer at Electra, said: “This funding gets us one step closer to bringing Electra’s clean iron to market. JPMorgan’s financing demonstrates confidence in our business, technology and growth prospects. As a team, we’re strongly positioned to scale and meet the growing demand for Electra’s clean iron.”
The latest financing follows a series of funding milestones for the company in 2025. In October, Electra secured a $50 million grant from Breakthrough Energy Ventures, after receiving an $8 million Colorado clean industry tax credit in May and closing a $186 million funding round in April led by Capricorn Investment Group and Temasek.
Electra also unveiled a 130,000 sq ft demonstration facility in Jefferson County, Colorado, in October. The facility, backed by the Breakthrough Energy Ventures grant, is expected to become operational later this year and will be capable of producing up to 500 tonnes of low-carbon iron annually.
The company has also signed advance purchase agreements with US steelmaker Nucor and steel trader Toyota Tsusho, and entered into its first environmental attribute credit agreement with Meta.
Founded in 2020, Electra uses a low-temperature process that dissolves iron ore in an acidic solution before electricity is applied. The company says the technology is compatible with intermittent renewable energy sources such as wind and solar and can be used in electric arc furnaces.
Robert Keepers, Head of Climate Tech at JPMorgan Commercial Banking, said Electra’s clean iron technology is well positioned for commercialisation and the bank looked forward to “working with Electra as they continue to scale their business and help accelerate the adoption of clean materials.”
