Earth VC backs Electra

Earth Venture Capital has joined Electra’s $186 million Series B funding round, a defining moment in green steelmaking that cements our firm conviction in driving industry-wide changes.

The round is co-led by Capricorn Investment Group and Temasek, and a robust coalition including Breakthrough Energy, Builders Vision, Collaborative Fund, Lowercarbon Capital, S2G Investments; as well as BHP Ventures; global iron ore suppliers Rio Tinto and Hancock Iron Ore; and leading Electric Arc Furnace (EAF) steelmakers Nucor Corporation and Yamato Kogyo, Co., Ltd.

Electra CEO and co-founder Sandeep Nijhawan

A New Era of Clean Ironmaking

Electra is revolutionizing iron production through a low-carbon process that uses chemistry and renewable energy. By leveraging abundant low-grade ores and scrap metal, Electra bypasses the need for scarce, costly high-grade ores—reducing production costs, eliminating the green premium, and strengthening supply chain stability.

• 99% high-purity clean iron produced using renewable energy

• Flexible feedstock: abundant low-grade ores, scrap metals, and unused materials

• Modular design: scalable “building block” systems that integrate with existing steel infrastructure
  

This modular approach allows seamless adoption across global markets by embedding directly into electric arc furnaces (EAFs).

Electra supplies low-carbon iron to automotive, construction, and infrastructure sectors, where demand for sustainable materials is soaring. Bloomberg forecasts a 13x increase in iron demand for the EV market alone by 2030, alongside a 14x rise for aluminum (valuable byproduct - extra revenue stream). In the $560B ore-based metallics (OBM) market, low-CO₂ iron represents a growing $60B opportunity by 2030, positioning Electra to capture significant value with its scalable, zero-emission solution.

Why We Invest

Earth VC joins the investment consortium with a strategic focus on Southeast Asia’s steel manufacturing landscape, where we have built industry connections through previous decarbonization investments. This investment aligns with Earth VC's mission to bridge advanced climate technologies with real-world implementation, especially in regions undergoing rapid industrial expansion and energy transition.

"This investment reflects our conviction that industrial decarbonization must be global in ambition, but precise in execution. Electra’s technology is a linchpin for green steel, and our role is to help it land where the transformation matters most." - Duc Pham, Principal at Earth Venture Capital.

Currently, Southeast Asia produces ~50M tonnes of steel annually (Vietnam: ~19.2 Mt, 2023 - the world’s 12th largest steel producer; Indonesia: ~3.5 Mt, 2024). By 2030, production is projected to nearly double to over 180M tonnes per year, representing both a challenge and a transformative opportunity for climate technology adoption.

Looking Ahead

Led by CEO Sandeep Nijhawan (ex-CEO of Staq Energy) and CTO Quoc Pham (former VP of Tech at Staq Energy, Lawrence Livermore National Lab). With a leadership team spanning Tesla, Apple, BHP, and Northvolt, Electra blends world-class innovation with deep industry execution. Electra is:

• Advancing from pilot to production, fast-tracking plans for its first-of-a-kind commercial facility.

• Leveraging the broadest range of iron ores and intermittent renewable energy to produce ultra-pure, low-carbon iron.

• Forming strategic partnerships to drive a lower-carbon supply chain. 

This investment marks a major leap forward in cutting the environmental impact of iron and steel across global supply chains, positioning Electra as a cornerstone of the green steel transition.