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 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 Progress
Today’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, Breakthrough Energy Ventures, Builders Vision, Capricorn Investment Group, Climate Pledge Fund, Collaborative Fund, Earth Venture Capital, Hancock Iron Ore, INTERFER Edelstahl Group, LowerCarbon Capital, Nucor, POSCO, Rio Tinto, S2G Investments, Temasek, Toyota Tsusho Corporation, Valor, and Yamato. To learn more, visit electra.earth and follow Electra on LinkedIn.
About POSCO:
POSCO is a global leader in the steel industry, headquartered in Pohang, South Korea. Since its founding in 1968, POSCO has been a cornerstone of Korea’s industrial growth and has expanded its presence worldwide. Under its 2050 decarbonization roadmap, POSCO is committed to sustainable management and technological innovation, focusing on the development of hydrogen-based ironmaking (HyREX) and low-carbon production technologies. For more information, visit www.posco.com.
About POSCO Investment:
POSCO Investment is the sole CVC investment arm under POSCO Holdings, dedicated to identifying and backing globally competitive deep-tech ventures to secure new growth engines for the POSCO Group. For more information, visit www.poscoinvestment.com
Media Contact:
Email: media@electra.earth
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