London: Binding Solutions Limited (“BSL” or the “Company”) the developer of green steel technology is pleased to announce the completion of significant upgrades to the world leading R&D capabilities at its Technology Centre in Middlesbrough, UK.

BSL is now able to accelerate the commercialisation of its Cold Agglomerated Pellet (“CAP”) technology by offering clients an enhanced range of research, technical support and product testing services significantly reducing development timelines.

Following the commissioning of the first phase of BSL’s pilot plant in November 2023, the Company has now completed the commissioning of the second phase of the plant. The Phase two expansion increases the pilot plant’s capabilities through the integration of an ore drying system, milling plant, and pellet curing system. These additions significantly expand BSL’s processing capabilities, enabling the pelletisation of a wider variety of ores.

In addition, new state of the art hot testing equipment has been installed and commissioned at the Technology Centre enabling BSL to simulate conditions in direct reduction plants and blast furnaces to ensure its CAPs meet customer requirements covering key ISO standards. Due to significant demand, BSL is already conducting a feasibility study to further increase hot testing capacity.

Julian Lee, CEO of Binding Solutions said:

“Our continued investment in our world leading Middlesbrough Technology Centre reflects our growing confidence in BSL’s cold agglomeration technology and the contribution it can make to enabling green steel production. The upgraded facilities will enable our  team to work more closely with customers and accelerate the commercialisation of our technology. This further enhances the competitive advantage we are building through our investment, the deep expertise of our team and the growing technical know how we are building.”

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Contact:

Binding Solutions

Aura Financial

Andy Mills

+44 207 321 0000

bindingsolutions@aura-financial.com

Notes to editors:

BSL is a fast-growing technology company that has developed a patented and proprietary process for significantly reducing carbon emissions in iron making, enabling green steel production at scale. Our cold agglomeration technology reduces process complexity, lowers capital requirements and significantly cuts emissions of CO2, NOx and SOx by replacing traditional technologies (induration) in iron and steel making.

BSL’s technology has a very large addressable market of more than 1 billion tonnes.

We have commercially proven our technology at a major steel plant in the UK where it has operated since 2013. Our technology enables reductions of up to:

•   80% in energy usage

•   70% in carbon dioxide emissions

•    86% in capex

In August 2023, BSL successfully completed a US$17.5m fundraise from Mineral Resources Limited to support the development of a Demonstration Plant. BSL’s Pilot Plant completed Phase 2 and is fully operational, producing up to two tonnes of CAPs per hour for large scale furnace trials.

Our technology has the potential to replace the need for induration processes which are very energy intensive and account for approximately 15% of carbon emissions from the global steel industry¹.

Annual emissions from the steel industry are estimated as equivalent to 2.6bn metric tonnes per annum (Worldsteel), so BSL’s technology could prevent the emission of up to 390 million tonnes of carbon per annum. This is equivalent to the total annual emissions of South Africa or approximately 1% of global emissions every year.