Electra has successfully raised $76.3 million towards a total goal of $256.7 million to innovate the ironmaking industry. The startup has developed a groundbreaking method to purify iron using electricity, targeting the pollution-heavy processes that dominate steel production. Their electrowinning technique allows for the extraction of iron from low-grade ores, potentially reducing carbon emissions significantly. This approach is a shift from traditional blast furnaces that rely on fossil fuels. Investors from previous funding rounds include Amazon and Nucor, indicating strong market interest in cleaner production methods.