Two former Fortescue heads have joined forces to create Element Zero, a green metal company looking to make iron and metal production more sustainable.
Former Fortescue chief financial officer Michael Masterman and former chief scientist Bart Kolodziejczyk have patented their method of electro-reduction, a technology that converts iron ore to high purity iron.
“Element Zero has developed a novel approach to cost-effectively and efficiently convert metal ores such as iron ore, nickel ore and other future facing metals, to pure metal form with zero carbon emissions,” the company said on its website.
Using a low-temperature mineral processing approach, the technology converts iron ore to iron, capable of producing 100kg of zero-carbon iron per day.
Element Zero raised $US10 million in seed funding this week, led by investment firm Playground Global.
“Element Zero will help transform Western Australia from the world’s mine into the world’s foundry, dramatically reducing carbon emissions in the process,” Playground Global general partner and Element Zero board director Peter Barrett told Business Wire.
“Australia is poised to become a leader in resilient and sustainable global prosperity – its natural wealth in minerals and renewable energy blended with innovation in electrochemistry and new materials will cement its leadership in the energy transformation.
“Element Zero is a major catalyst in this shift and the Pilbara region in the north of Western Australia stands as the premier location globally to showcase the company’s potential.”
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