The steel industry is responsible for about 4% to 7% of global CO2 emissions and is facing significant pressure to decarbonize. The progress towards carbon neutrality will require an increase in scrap-based electric arc furnaces and a secure supply of high-quality feedstock. End of life steel scrap is often contaminated by tramp elements (e.g., Cu) that originate from copper wires and motors in automobiles, appliances & machinery and can lead to defects in the final steel product. The sector is challenged by opposing trends in the demand for low quality, copper tolerant end products (e.g., construction) and high quality, low copper automotive steels and the constraint of increasing copper contamination of scrap.
By 2025-2030, steel manufactures will need to implement solutions to manage these constraints. We are looking for a solution that can economically upgrade end of life steel scrap to a high-quality feedstock with <0.06wt% copper content.
Chrysalix Venture Capital will award up to $250K USD for the winning solution, and successful, start-up worthy solutions that achieve the 6-12 month project milestones will have the opportunity for additional follow-on equity funding of $1M+ from the Chrysalix RoboValley Fund.
About the Sponsors
Chrysalix Venture Capital Chrysalix is a global venture capital fund with a long history commercializing step-change innovation for resource intensive industries. We invest in intelligent systems, energy technology and resource productivity solutions to deliver outsized financial returns and environmental sustainability. By teaming up with leading industrial companies and outstanding entrepreneurs, Chrysalix connects market driven problems to breakthrough solutions. Founded in Vancouver, Canada in 2001, Chrysalix has one of the strongest investment teams in the industry with deep energy, technology and entrepreneurial expertise, and is backed by more than 20 international blue chip industrial and financial investors.
Severstal PAO Severstal (“Severstal”, “the Company”, or “the Group”) is a vertically integrated steel and steel-related mining business with its major assets located in Russia. The Company was founded in 1955 at the Cherepovets Steel Mill in Russia. Severstal’s strategy is aimed at further strengthening its financial performance, maximising value creation and enhancing shareholder returns, whilst not harming its employees and minimising its impact on the environment. Severstal’s strategic priorities are providing a superior client experience, cost leadership and embracing new opportunities, supported by Severstal’s advanced corporate culture. The Company comprises two major operational divisions: Severstal Resources and Severstal Russian Steel