While numerous startups are attempting to decarbonize the iron and steel sector by developing entirely new production methods, Helix Carbon argues that approach is misguided. Co-founder and CEO David Brown stated during a TechCrunch Disrupt pitch that any effort to green the industry must address the blast furnace directly, as these giant structures remain the backbone of iron production.
Instead of replacing these century-old furnaces, Helix Carbon’s technology cleans up their existing operations. The company has developed an electrolyzer capable of processing the raw exhaust from blast furnaces, converting waste carbon dioxide (CO2) back into carbon monoxide (CO). This recycled gas is then injected back into the furnace, allowing producers to reduce their reliance on coke, a coal-derived fuel that supplies the necessary heat and chemical reduction for turning iron ore into metallic iron.
Most electrolyzers are too fragile to handle untreated industrial exhaust and require purified CO2, necessitating additional processing steps. Brown noted that Helix Carbon’s design can manage the entire exhaust stream without prior purification, creating a potential win-win scenario that lowers carbon emissions while improving profit margins in an industry known for thin margins.
The financial implications are significant. Although scientific estimates on coke reduction vary widely—from 30% to as high as 90%—Helix Carbon proposes that iron producers replace 33% of their coke usage. The company calculates this would save producers $14 per ton of iron. “That may not seem like a lot, but margins in the iron industry are famously thin,” Brown said.
Blast furnaces are long-lived assets, with some operating for over a century, which contributes to the slow pace of change in the sector. The global iron and steel market is valued at approximately $2 trillion, according to Grand View Research, presenting a massive opportunity for the startup. However, recognizing the industry’s sluggish adoption cycle, Helix Carbon plans to generate early revenue by targeting the specialty chemicals sector. The technology can utilize captured CO2 on-site to produce chemicals directly from waste streams, bypassing the need for immediate carbon capture and storage infrastructure.
Helix Carbon presented its findings live on stage at TechCrunch Disrupt in San Francisco as part of the Startup Battlefield competition.
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