Ironic Metals, a new venture developing a novel electrolyzer for clean metal production, has emerged with investment from Anglo American and Deep Science Ventures (DSV). The company is developing technology to produce high-purity green iron and nickel using renewable electricity, targeting production costs as low as $400 per ton for high-purity iron and eliminating the “green premium” that has constrained industrial decarbonization.
Mike Woodcock, CEO of Ironic Metals. Image Credit: Ironic Metals
Ironic Metals is designing low-temperature alkaline electrolysis systems capable of producing multiple metals, including iron and nickel, with the potential to double the energy efficiency of traditional blast furnaces. The process will be feedstock-flexible, allowing use of lower-grade ores and mine waste, and can operate cost-effectively at modular scales as small as 10 tons per year. Designed to ramp dynamically with renewable power, the technology aims to deliver near-zero-emission metals - a critical step toward reducing the 2.4 billion tons of CO2 generated annually by iron and nickel production.
Led by Mike Woodcock, who brings more than two decades of experience in steel manufacturing innovation, and Dr Jim Hickey, whose background spans advanced materials and nuclear-fusion systems, Ironic has already built its first electrochemical test cell, successfully demonstrating the electrochemical reduction of iron oxide and establishing key performance baselines. The company is now optimizing the process chemistry and electrode design, working in collaboration with academic experts and global leaders in the mining and steel making sectors. The company, which is supported by UK government funding, is set to create a pilot manufacturing cell in early 2026.
Mike Woodcock, CEO of Ironic Metals, said: “Iron and nickel underpin almost every major industry, yet their production methods have hardly changed in a century. Having Anglo American as an investor and other mining leaders on our advisory board shows how urgently industry needs a cleaner, more flexible way to make these essential materials.”
Matt Walker, CEO of Anglo American’s Marketing business, commented: “Anglo American has long sought to help decarbonize the steelmaking sector – from providing our premium iron ore to global steelmakers, to investing in our Ubuntu fleet of LNG dual-fuelled bulk ore carriers. Our investment in Ironic Metals aligns with our ambition to reduce our Scope 3 emissions and help catalyze a lower carbon steelmaking industry through the power of innovation and partnership.”
Noah Geeves, Head of Portfolio and Partnerships, Climate, DSV, says: "Ironic Metals is addressing a critical bottleneck in the decarbonization of the steel industry. Current steel decarbonization technologies are fundamentally constrained by cost, flexibility, or scalability. Ironic’s next-generation electrolysis provides the breakthrough: the most credible pathway to cost-competitive green iron and, ultimately, the reshaping of low-carbon steel economics. We have the most confidence in Mike and Jim behind the wheel, who bring decades of experience and relevant expertise to the table."