Former executives from Fortescue’s clean energy initiatives, Michael Masterman and Bart Kolodziejczyk, have initiated a startup focused on reducing carbon emissions in the Australian iron ore sector. Notably, their approach differs from the hydrogen and membrane technology endorsed by their previous employer.
Having secured $10 million in seed funding this week, primarily from venture capital firm Playground Global, the partners express their readiness to sponsor research and development in green materials at their newly established company, Element Zero.
Through Element Zero’s patented electro-reduction method, the startup is already transforming iron ore into “green iron” on a laboratory scale. By utilizing an alkaline solution and electric current, this method effectively separates pure iron from the waste products present in the ore.
According to the founders, Element Zero’s patented process is particularly suitable for the prevalent hematite ores dominating the Australian iron ore industry. Furthermore, it exhibits versatility, as the method can be applied to other metals, such as nickel.
Strategically situated in Perth and northern Western Australia, Element Zero benefits from its proximity to the world’s largest iron ore ports, responsible for exporting approximately 55% of the globe’s seaborne iron ore supply.
With plans to generate 5 million tonnes per year of iron ore feed, resulting in the production of around 2.7 million tonnes of high-purity iron, Element Zero is poised to make a significant impact.
Founder and CEO Michael Masterman emphasized the groundbreaking nature of their processing platform, stating, “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.”
Highlighting the comprehensive support received from Playground Global, Masterman shared ongoing discussions about developing green iron and green silicon value chains in the United States. Collaboration is also underway with major iron ore miners and iron and steel companies on a global scale.
Element Zero’s modular approach aims to address 8% of global carbon dioxide emissions from iron and steelmaking, positioning the company as a key player in environmental sustainability. Currently, the company is in the process of commissioning a green iron pilot plant in the Perth suburb of Malaga, with plans to feed 100 kg of iron ore into the process daily.
