Electra has raised $85 million to continue developing an electrochemical process that converts low-grade iron ore into pure iron at low temperatures. The company then uses electric arc furnaces running on renewable energy to turn the iron into steel. Electra hopes to finish building a pilot plant in Boulder, Colorado, in 2023. It is aiming for cost-competitive commercial production before the end of the decade. The funding came from Breakthrough Energy Ventures, Lowercarbon Capital, Amazon, and several other investors.