Two Colorado startups were recognized Monday among 12 early-stage companies across the globe with promising innovations to combat climate change.
Electra and Jetti Resources, both based in Boulder, each received a "Pioneers Award" from Bloomberg New Energy Finance, or BNEF, Bloomberg's primary research service. For the past 13 years, the annual awards have recognized companies working to introduce technologies and products that cut carbon emissions.
The energy and environment leaders of the G7, an informal group of seven wealthy western nations, reaffirmed their commitment this week to reaching net-zero greenhouse gas emissions by 2050. Claire Curry, BNEF's global head of technology, industry and innovation research, said the 12 startups chosen as Pioneers Award winners this year could "play a significant role" in countries reaching that goal.
"The search for new climate-technology solutions has never been as urgent," Curry said in a statement. "Technologies under development now must scale by 2030 if they are to play a significant role in helping reach net-zero emissions by 2050."
Electra, Jetti Resources and the 10 other winners were chosen from a pool of 350 applicants across 42 countries. BNEF chose winners based on originality, their potential to cut greenhouse gas emissions and the ability for their technology to be adopted and scaled.
At their lab in Boulder, Electra founder Sandeep Nijhawan and his team developed technology to refine iron without the use of coal or greenhouse gas emissions. Nijhawan claims the tech is affordable and could be adopted widely by the steelmaking industry.
Traditional steelmaking is done using coal, which heats to 2,912 degrees and emits about two tons of carbon dioxide for every ton of steel produced. The industry is responsible for about 10% of carbon emissions globally each year, making it one of the world's dirtiest industries.
Electra uses an electrochemical process to refine iron ore into pure iron at just 140 degrees Fahrenheit using renewable electricity. The process allows for the use of lower-grade ores with iron content as low as 35%, the company said. That kind of ore is treated as waste in today's steelmaking.
Bill Gates' venture capital fund, Breakthrough Energy Ventures, led an $85 million financing round for Electra in 2022. Earlier this year, the startup received another investment from Nucor Corporation (NYSE: NUE), the largest steel producer in the United States.
Electra is planning to construct a pilot production plant at its Boulder headquarters. According to information shared with BNEF, the startup also plans to build a demonstration plant with a renewable energy partner in 2025 and commission its first commercial-scale deal in 2027.
At Jetti Resources, founders Andrew Perlman and Michael Outwin built a company to extract copper from low-grade ore called chalcopyrite that is often discarded as waste at existing mining operations.
Jetti told BNEF in its application that copper typically cannot be leached from chalcopyrite because of a layer that forms on its surface, blocking attempts at extraction. The startup developed an electrochemical technology to alter that layer and allow for copper leaching.
According to BNEF, Jetti's technology is one of the few, market-ready innovations that exist to boost the capacity of existing copper mines. The annual demand for refined copper is expected to grow by 58% in the next 17 years, which could lead to a significant copper shortage by 2040 unless new technologies are adopted. The expected surge in demand is attributed to the expansion of tech that uses copper, such as electric vehicles, wind turbines and electric grids.
Jetti's technology is being used at two commercial copper mines in Arizona — one owned by Capstone Copper and the other owned by Freeport-McMoRan. The startup is expecting to launch at another Freeport-McMoRan mine later this year.
Last year, Jetti raised $100 million in a Series D round, propelling the startup to unicorn status with a $2.6 billion valuation.
Electra and Jetti are among dozens of climate-focused startups located in Boulder, which has gained a reputation as a top city for sustainability innovations. A recent analysis found that Boulder has more "green" startups per capita than any other city in the United States.
