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Stock impact report

JPMorgan backs clean iron startup Electra with $30M in new capital [Yahoo! Finance]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: Yahoo! Finance
Dive Brief: Clean iron startup Electra announced Tuesday it has secured $30 million in new capital through a venture debt facility provided by JPMorgan. The new funding will help Electra accelerate progress toward its first commercial facility and grow its overall business, according to a March 10 release. The company aims to reach commercial scale by the end of 2030. “This funding gets us one step closer to bringing Electra's clean iron to market ,” Electra's Chief Financial Officer James Rutland said in the release. “JPMorgan's financing demonstrates confidence in our business, technology and growth prospects. As a team, we're strongly positioned to scale and meet the growing demand for Electra's clean iron.” Dive Insight: JPMorgan's financing comes after Electra completed a series of successful funding rounds and secured investments last year. In October, Electra secured a $50 million grant from the Bill Gates-backed Breakthrough Energy Ventures. Prior to this, Electra r Show less Read more
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