Electra and Interfer Sign MOU to Collaborate on Clean Iron and Green Steel Production

BOULDER, Colo., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Electra, a clean iron company, and Interfer Edelstahl Group, a global steel and raw materials trader, have signed a memorandum of understanding (MOU) to collaborate on clean iron production for specialty steel.

Interfer is leading the call for low-carbon materials across Europe with a focus on developing sources for green steel and green raw materials. Electra’s low-carbon iron production process is transforming the environmental footprint of the iron and steel industry by utilizing chemistry and renewable energy to produce 99% pure iron. With access to a reliable supply of high purity, clean iron from Electra, Interfer will support customers in reaching their decarbonization goals. Access to Electra’s clean iron will also further Interfer’s own sustainability goals as the company works to reduce its absolute Scope 1, 2, and 3 GHG emissions by 42% by 2030, from a base year 2022.

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“As Electra continues to scale our clean iron production, partnerships with industry leaders like Interfer are essential,” said Electra CEO and Co-Founder Sandeep Nijhawan. “Our modular system is designed for rapid deployment to meet the demand of partners and manufacturers looking to incorporate high-purity iron into their operations.”

“We regard Electra’s approach to produce low-carbon iron and thereby help transform the iron and steel industry as one of a kind,” said Interfer CEO Gerold Lorenz. “Innovations like this will make a big impact not only for our two companies, but the overall environmental footprint of our industry and we are proud to be part of this development.”

Electra and Interfer share a commitment to reducing emissions from iron and steelmaking. Through this partnership, the two companies will tackle these challenges head-on, demonstrating scalable, sustainable pathways to low-carbon iron production to meet the growing demand for green steel.

About Interfer

INTERFER Group ensures the availability of steel as well as raw materials for the steel industry according to customer requirements. With over 35 years in the market, INTERFER is a key importer of steel bars to Europe, providing reliable supply and delivery routes for long and flat products as well as alloys and materials for the steel production. Whether for the automotive or construction industry, mechanical engineering sector, the wind energy sector, or other industries, the INTERFER team offers comprehensive solutions based on experience and negotiating skills, ensuring timely and well-financed delivery. As a completely customer-oriented steel and raw materials trader on the international steel market, INTERFER’s mission is the continued business success and satisfaction of its clients. For more information, visit www.interfer.de.

About Electra

Electra is reinventing iron production to tackle the nearly 10% of global carbon dioxide emissions from iron and steelmaking. Its patented process uses chemistry and renewable energy to transform a variety of grades of iron ore into environmentally responsible, resourceful, pure iron at scale. By maximizing the value of Earth’s resources and minimizing environmental footprint and carbon emissions, Electra is forging a green future from the ground up. The company is headquartered in Boulder, Colorado, and backed by leading investors including Breakthrough Energy Ventures, S2G Ventures, Capricorn Investment Group, Temasek, Lowercarbon Capital, Nucor, BHP Ventures, Climate Pledge Fund, Valor, and Baruch Future Ventures. To learn more, visit electra.earth and follow Electra on LinkedIn.