on the table, though none of them have yet been carried out on a large scale. Carbon capture systems can be retrofitted onto existing steel plants—though the cost is high, and in many cases involves building extensive pipelines to transport carbon dioxide to suitable places for it to be stored underground. Companies could also abandon their traditional blast furnaces and start using an alternate steelmaking process that uses green hydrogen to convert ore into usable iron.
The company has been in operation for about 10 years—that’s how long it takes to bring something like this to market. And it just passed a major milestone, raising $262 million in venture capital funding last week. That big check, says the company’s CEO Tadeu Carneiro, could be the last bit of venture capital it needs before it is able to start mass producing steel in the next few years.
Carneiro: It's two things. One is we didn't have the environmental awareness that we have today. So you know, the problem of eliminating CO2 emissions is something that became clearer more recently. The other thing is the availability of electricity from renewable sources. Molten oxide electrolysis is something that has been talked about since[in the 1800s]. It's not something new.
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