As per ESG Today, 2022-founded Element Zero is a startup that offers an efficient hardware platform that allows for the conversion of iron ore and other metals raw source into processed and ready-to-use products with a net-zero footprint.

The company's processing of the metal ores is done at a lower temperature, which allows the use of intermittent renewable power and company officials claim that power requirements are abut 30-40% lower than traditional methods for each ton of manufactured material.

Element Zero's position is strategic, as well, since the startup operates in Perth, Australia, as well as the Northwestern side of the country, where around 55% of the sea transported iron ore is located. This means that it has access to a large amount of raw material and the company claims that it will process around 5 million tons of ore with the goal to obtain 2.7 million tons of high purity iron per year.

Using the 10 million USD funding, Element Zero now looks to improve its research and development progress, as well as scale the capacity of the company's pilot iron plant.

Michael Masterman, Founder and CEO of Element Zero, said that "our processing platform will, for the first time, allow cost-effective and scalable production of carbon-free metals crucial to the iron and steel and critical metals industries. We are also working with major iron ore miners and iron and steel companies globally."

Venture capital company Playground Global led the 10 million USD funding round.