NZ startup CullBeck raises $20 million for green steel plant at Glenbrook using hydrogen to replace carbon
waikatotimes.co.nzCullBeck, a New Zealand clean tech startup spun out of Victoria University, has raised $20 million to build a demonstration green steel plant at Glenbrook. The company uses hydrogen instead of carbon to process titanomagnetite iron sand, a complex ore found on New Zealand's west coast. The process reduces steelmaking from hours to under three minutes and produces water vapor instead of carbon dioxide. The demonstration plant will have a capacity of 2.5 tonnes per hour and is expected to be operational by 2029. Investors include Outset Ventures, 2040 Ventures, and the New Zealand government's Aspire fund. The company already has a supply agreement with an unnamed Australian energy company and expects forward sales of up to $1 billion if the technology proves successful.