Molten Industries
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Molten Industries Leads Strategic Partnership With U. S. Steel and CPFD Software to Pioneer Carbon-Neutral Steel Production
Molten Industries will spearhead a collaborative effort with United States Steel Corporation (NYSE: X) and CPFD Software to design, build, and test a pilot-scale system aimed at eliminating carbon emissions from iron reduction under a U.S. Department of Energy grant.
The $5.4M grant, awarded and funded through the DOE’s Industrial Efficiency and Decarbonization Office and Hydrogen and Fuel Cell Technologies Office, will catalyze the groundbreaking project focused on carbon-neutral steel production while creating good-paying jobs and building a stronger, more competitive U.S. industrial sector. The project’s main objective is to demonstrate the integration of methane-pyrolysis-driven hydrogen production with a pilot direct reduced iron (DRI) shaft furnace at Molten’s facility. Anticipated outcomes include significant energy, carbon intensity, and cost reductions—a pivotal stride toward sustainable steel production.
Molten Industries Raises $25M Series A to Produce Clean Graphite and Hydrogen and Onshore Battery Supply Chains
Molten Industries, a fast-growing American start-up that converts natural gas into clean graphite and hydrogen, has announced the successful close of a 25 million dollar Series A financing round. The raise was led by Breakthrough Energy Ventures (BEV), with new participation from Sozo Ventures, Mark Heising, and Steelhead Capital. Existing investors also participated in the round, including Union Square Ventures, 50 Years, J4 Ventures, Moai Capital, UVC Partners, Jane Woodward, and Peter Attia. Molten will use this funding to build its first modular commercial reactor in Oakland and become a leading producer of graphite for lithium-ion batteries and clean hydrogen to decarbonize the chemical and steel industries.