CullBeck raises $20M seed for hydrogen steelmaking tech

What's the deal? CullBeck, a New Zealand process-technology company, has raised $20 million in its first funding round to develop hydrogen-based steelmaking technology. Spun out of Victoria University of Wellington, CullBeck uses a 100% hydrogen direct-reduced iron (H2-DRI) process to make iron from New Zealand's iron sands, and is building its first demonstration plant at Glenbrook, Auckland. The round was backed by Outset VenturesDealroom has a profile for this one. Try Dealroom →, the Climate Venture Capital FundDealroom has a profile for this one. Try Dealroom →, Punakaiki FundDealroom has a profile for this one. Try Dealroom → and K1W1Dealroom has a profile for this one. Try Dealroom →.

Why it matters: Steelmaking is one of the hardest industries to decarbonise, relying heavily on coal-fired blast furnaces. Hydrogen offers a route to cut those emissions, and early-stage capital is flowing to companies targeting heavy emitters like steel.

Read more: BusinessDesk

Image credit: Kheel Center, Cornell University Library