CullBeck, a spinout from Victoria University of Wellington, has successfully raised $20 million in a first funding round. This represents a record amount for a New Zealand deep-tech company’s initial raise. The company aims to commercialize research originating from the Robinson Research Institute, focusing on reducing emissions in iron and steel production. CullBeck’s technology utilizes New Zealand’s abundant iron sands deposits as a key resource. The funding will accelerate the development and deployment of this innovative, low-emission steelmaking process. This investment signals growing confidence in hydrogen’s potential to decarbonize heavy industry. The technology promises a more sustainable future for steel production, leveraging local resources and cutting-edge research.