Teesside’s Binding Solutions Raises $5m to Cut Emissions From Steelmaking
Existing shareholders including Mitsui Iron Ore Development and Champion Iron led the round, as the company moves towards its first commercial plant.
- The $5m round was led by existing shareholders.
- Money will fund engineering studies ahead of a first commercial Cold Agglomerated Pellet plant.
- BSL has signed an agreement to explore its technology for Australian Pilbara iron ore.
Binding Solutions Limited (BSL), which develops technology to reduce carbon emissions from steel production, has raised $5m.
The round was led by existing shareholders including Mitsui Iron Ore Development (MIOD), Champion Iron and other long-standing investors.
Towards a first plant
The money will be used to speed up engineering and other studies ahead of a final investment decision on BSL’s first commercial Cold Agglomerated Pellet (CAP) plant.
Chief executive Jon Stewart said the investment followed a successful industrial trial with British Steel and a partnership with Salzgitter.
Australian opportunity
BSL and MIOD have also signed a memorandum of understanding to apply BSL’s technology to iron ore from Australia’s Pilbara region, the world’s largest iron ore producing area, which could open up a major new source of low-emission pellets.
