Electra, a startup producing low-carbon clean iron, secured a $30 million venture debt facility from J.P. Morgan to prepare for its first commercial-scale facility.

This capital builds upon a strong 2025 financial base, which included $186 million from Series B funding and a $50 million Breakthrough Energy Catalyst award. The company also previously earned an $8 million clean industry tax credit in Colorado and established purchase agreements with several steel industry leaders, such as Nucor and Toyota Tsusho.

Utilizing modular electrowinning technology, Electra transforms various iron ores into high-purity iron. This adaptable system aims for full commercial scale by the end of 2030 while minimizing initial costs.

Electra’s CFO James Rutland said that the financing confirms market confidence in their growth as they move toward delivering clean iron to global steel leaders.