In the Bill Gates-Founded Groundbreaking Energy VenturesAn investor met Sandeep Nijhawan, who had four business ideas, all dealing with rising global temperatures. Nijhawan — who recently stepped away from founding two startups — had no idea at the time that one of his ideas could disrupt the steel industry, which generates more than $870 billion in revenue each year.
What happened: During their March 2020 meeting, Nijahan impressed them Microsoft Co-founder’s BEV investor David Danielson with his first conception.
The idea put forward by Nijhawan was to make iron without coal, intense heat, or emissions, and to run on only renewable electricity.
“Let me interrupt you right here,” Danielson told Nijhawan after presenting his first idea of affordable green steel. reported Bloomberg.
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“If you could do it, I would do it. I don’t want to hear the next three ideas,” Danielson added.
Iron makes up about 98% of the substance in steel, which is used in buildings, infrastructure, tools, ships, trains and cars, among others. The process of making steel emits huge amounts of carbon dioxide when heated on coal at 1400°C (2500°F).
The report found that steel production is responsible for 7% of the greenhouse gas emissions released into the air each year. This number is much higher than the combined climate impact of shipping and aviation.
BEV invested US$2.25 million in Nijhawan’s Electraapart from other investors.
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