US startup Electra raised US$186 million in a Series B funding round to advance its low-emission steelmaking technology, bringing its total funding to US$214 million. The round was led by Capricorn Investment Group and Temasek Holdings, with participation from major industry players, including BHP Ventures, Rio Tinto, and Nucor.

Electra planned to use the funds to build a demonstration plant with a 500-million-ton annual capacity and scale up production by the end of the decade. CEO and co-founder Sandeep Nijhawan emphasized the technology’s potential to significantly cut the steel industry’s carbon footprint.