GreenIron carries out a new share issue of 9 million Euro
FAM* and Almi Invest GreenTech Fund** are anchor investors, an incredibly strong group of owners with a broad industrial and international experience. This is the start of GreenIron’s journey towards commercial production of fossil-free iron.
– It´s very gratifying that we now have completed our new share issue. We have an incredibly strong ownership group with a broad industrial base and international experience. This is the start of our journey towards commercial production of fossil-free iron. We are now looking for our first establishment location. The plan is to have a facility in early 2023, which is in operation later that year, says GreenIron’s CEO, Edward Murray.
GreenIron’s technology is based on proven hydrogen-based technology, designed by metallurgist Hans Murray at the end of ´60s and early ´70s. The company currently has six patents, approved 2019-2021.
– In connection with the Paris Agreement being signed in 2015, we realized that the time had finally catched up with dad’s 50 years old, groundbreaking innovation, says Edward Murray.
With GreenIron’s solution, we increase the circularity in the steel and iron industry. Thanks to a flexible technology, we can extract clean steel and iron from waste, residues and ores. With our small-scale and modular facility, we can place our technology where waste and residual products are formed or disposed. Fossil-free iron is delivered from the furnace, which can be reinstated in the production of steel with a minimum of transports. With the technology pure metals has been recreated from oxides of iron, nickel, copper and molybdenum. We are also convinced that we can
do the same with cobalt, rare earth metals and a number of other metals.
In steel mills and foundries, residual products arise, among other things, oxidized scale and filter dust. The amount of residues that´s recyclable is 3-6 percent of the steel produced. With GreeenIron’s furnaces, these residues can be recycled directly in connection to both steel plants and foundries. This means simplified logistics and minimised transport needs.
GreenIron’s hydrogen-based technology has only water as a residual product. Most of the metals presently deposited can instead be recycled, which would create a long-term societal value, both from an economic and sustainability perspective. Our small-scale solution and low capital need are also well suited for establishments all over the world.
GreenIron’s furnaces are relatively small, only about 2.5 meters in diameter. The small-scale solution provides great flexibility, what refers to local deployment, and the cycle-based process also means that the input materials can be varied. The capacity for a furnace is 40,000 tonnes of material/year. If larger volumes are needed, one can take advantage of the modularity, by placing several furnaces adjacent to each other.-
– Through a completely unique, technical solution and a low, operational temperature, our furnaces have a comparatively high energy efficiency. We are convinced that it will benefit us, when the race for green electricity is intensified throughout the world. And in this context, it´s not without pride I can state that we are contributing to achieving the UN’s Sustainability Development Goals 9, 12 and 13 and indirectly to goals 6 and 17. That´s very inspirational, says Edward Murray.
For further information, contact the CEO, Edward Murray on tel. +46 709 80 50 46 or email email@example.com
*FAM is a privately-owned holding company, an active owner with a long-term ownership horizon.
**Almi Invest GreenTech Fund backing Swedish early-stage startups that significantly reduce greenhouse gas emissions. The fund has 65 million euros under management.