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POSCO and Electra Sign Joint Development Agreement and Investment to Scale Clean Iron Production
The collaboration will focus on testing and qualifying the technologies needed for commercial production of Electra’s high-purity, clean ironBOULDER, Colo., April 28, 2026 (GLOBE NEWSWIRE) -- Today, Electra, a clean iron technology company, announced a joint development agreement (JDA) with POSCO, a leading global steel manufacturer, to scale clean iron production technologies. Along with the JDA, Electra also announced an investment from POSCO Investment, the corporate venture capital (CVC) arm
About this update from Electra Ltd
The collaboration will focus on testing and qualifying the technologies needed for commercial production of Electra’s high-purity, clean iron BOULDER, Colo., April 28, 2026 (GLOBE NEWSWIRE) -- Today, Electra, a clean iron technology company, announced a joint development agreement (JDA) with POSCO, a leading global steel manufacturer, to scale clean iron production technologies. Along with the JDA, Electra also announced an investment from POSCO Investment, the corporate venture capital (CVC) arm of POSCO Group. “POSCO brings deep experience in steelmaking, production technology and process development,” said Sandeep Nijhawan, Electra’s co‑founder and chief executive officer. “We’re building for the long term, and this partnership helps us scale thoughtfully as we bring clean iron to more customers.” Electra delivers 99% pure iron as a feedstock for electric arc furnace (EAF) steelmakers to produce high‑grade steel. “This partnership through the JDA aims to create strategic synergy between Electra’s innovative electrochemical process and POSCO’s proprietary direct-reduction ironmaking and engineering technologies,” said Kyungkeun Um, Head of POSCO’s Technical Research Laboratories. Together, the companies will test how POSCO’s decarbonization technology developments can integrate with Electra’s Clean Iron system at commercial scale. “Our CVC investment into Electra is our inaugural overseas strategic move, holding special significance as a climate-focused initiative aligned with the era of decarbonization,” said Keunhwan Kim, CEO of POSCO Investment. Recent Electra ProgressToday’s news follows recent progress toward Electra’s commercialization, including a $30 million venture debt facility from J.P. Morgan, a $50 million Breakthrough Energy Catalyst award, the unveiling of Electra's new demonstration facility, and advanced purchase orders with global steel leaders including Nucor, Toyota Tsusho, and INTERFER Edelstahl Group. About Electra:Electra is reinventing ironmaking from the ground up with a breakthrough clean iron technology that uses chemistry and electricity to convert a broad range of ores into 99% pure iron for high-grade steel and advanced applications. Its modular system is engineered for flexibility and cost-efficient deployment. Electra is backed by global investors and industry leaders including Baruch Future Ventures, BHP Ventures, Br...