A US company has recently received a $120 million boost to develop a new technology for producing "green steel."
This innovative process aims to significantly reduce carbon emissions in the steel-making industry, which is one of the most polluting industries in the world.
The company, which has not been named publicly, will use the funding to build a pilot plant to demonstrate the feasibility of the technology.
The process utilizes hydrogen as a reducing agent in the steel-making process, which significantly reduces the amount of carbon emissions produced.
The development of green steel technology is seen as a crucial step in the transition to a low-carbon economy, as the steel industry is responsible for around 7% of global greenhouse gas emissions.
The ability to produce steel with lower emissions would have a significant impact on reducing overall emissions and helping to combat climate change.
The ability to produce steel with lower emissions would have a significant impact on reducing overall emissions and helping to combat climate change.
The company plans to use the pilot plant to demonstrate the technical and economic viability of the process, with the goal of scaling up production in the future.
The company's CEO said that this is a major step forward in the company's mission to become a leading producer of low-carbon steel, and that the funding will allow them to bring this technology to market sooner and at a larger scale.
This announcement is part of a growing trend of companies and governments investing in clean energy and low-carbon technologies.