The Federal Government is investing $26m in a $53.6m project by Perth-based company Element Zero to fund technology that could convert Australian iron ore into lower-emissions iron using renewable electricity.
Financed through the Future Made in Australia Innovation Fund, administered by the Australian Renewable Energy Agency (ARENA), the Federal Government is backing the project to determine whether Australian iron ore can be converted into high purity iron at pilot scale.
This $26m investment contributes to ARENA’s portfolio of projects and is focused on discovering viable pathways for producing green iron at scale.
Element Zero, a green metals company that produces zero-emission technology, will test different types of Australian iron ore, including hematite and magnetite under a process designed to operate at temperature of about 400-450°C.
The project will use the process of electrochemical ironmaking, which is powered by electricity and uses molten salts, to test whether lower-emissions iron can be produced without the use of coal — a carbon-based material typically used in conventional ironmaking.
The company’s long-term strategy is to deploy multiple modules at commercial scale in the Pilbara, with the project intending to generate operating data, validate technical performance and inform the potential design of repeatable modules for high-purity iron plants in the future.
Currently operating a 10kg/day continuous high-purity iron plan using renewable energy at its technology facilities in Perth, the project is ready to take its next major step in scaling production.
The delivery of this project will consist of two stages, the first will involve a pilot plant capable of 1t/day of iron production and the second stage, subject to formal review, will scale production up to 10t/day.
Element Zero’s project aims to produce new opportunities towards Australia’s iron ore resources, build specialist skills and strengthen Australian industrial supply chains.
Federal Climate Change and Energy minister Chris Bowen says the opportunity is to bring together Australia’s iron ore and renewable energy resources which is what the world needs.
“The investment backs Australian technology that could add more value to Australian iron ore, support Australian manufacturing and help cut emissions from one of the hardest parts of the global economy to decarbonise,” he said.
Element Zero chief executive officer Michael Masterman said ARENA’s support will enable the company to test the technology at a larger scale, now having the opportunity to capture 5-6 times the export value.
“Our goal is to combine Australian iron ore, renewable electricity and Australian-developed technology to produce green iron in Australia, rather than exporting our iron ore and leaving the value-adding to happen overseas,” he said.
Industry and Innovation minister Tim Ayres believes this project will be a significant step in the Australian iron ore industry.
“Australian researchers and companies are developing world-leading technologies, and this $53.6 million project is an important step in turning Australian innovation into Australian manufacturing capability,” he said.
Cowan federal member Anne Aly sees this project as an opportunity to turn Australia’s world-class resources into higher value products.
“Western Australia has powered our economy for generations and projects like this are making sure we’re also at the forefront of the industries and jobs of the future,” she said.
