GreenIron funding news – Stockholm-based GreenIron Secures €8.6Million in Funding

The capital injection is scheduled to occur a few months after GreenIron received the environmental permit for its initial full-scale production unit in Sandviken, Sweden.

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The facility is currently under construction, and GreenIron is on the brink of commercializing fossil-free iron production by the conclusion of 2024. The funds will be utilized by the Swedish company to commence production in Sandviken and expedite the delivery of fossil-free iron. Consequently, the organization is facilitating the mining and metal industries' adaptation of their production processes to mitigate CO2 emissions.

Edward Murray, CEO, says, “We are grateful for the confidence that our shareholders have shown in our technology and our ability to deliver fossil-free material. This enables us to continue our journey towards our goal of 300 furnaces by 2030, pursuing a sustainable future.”

About GreenIron

GreenIron concentrates on the cost-effective reduction of metal oxides to purified metals without the use of CO2. The corporation is committed to reducing CO2 emissions from the production of iron, steel, and non-ferrous metals, a sector that is responsible for approximately 8% of the global greenhouse gas emissions.

The Swedish company achieves this by employing fossil-free hydrogen as a reducing agent, resulting in water as the sole by-product, as opposed to the conventional emissions of carbon dioxide during reduction processes.