Acid remaining at the end of the process can be used to start it all over again and is contained to minimize contamination risks. Electra's approach is somewhat similar to electricity-based technologies being developed by competitors including steel giant ArcelorMittal and startup Boston Metal. Founded over a decade ago, Boston Metal counts Microsoft and Saudi Aramco among the investors that recently put in $282 million. ArcelorMittal is also a Boston Metal investor. Unlike Electra, Boston Metal still needs high temperatures to produce steel, but it uses electricity instead to reach them.