ZUR YIGAL,Israel,Sept. 18,2024 --Helios Project Ltd.,developer of the Helios Cycle™,a novel process to produce iron and other metals using sodium as a reducing agent with less energy and no direct carbon emissions,has signed a Memorandum of Understanding (MoU) with BlueScopeX Pty Ltd,a subsidiary of BlueScope Steel,a global steel manufacturer headquartered in Australia.

This MoU aims to demonstrate the use of our Helios Green Iron (HGI™) in parts of BlueScope's steelmaking operations. The initial phase of this collaboration will involve a pilot project where Helios will provide HGI™ produced by its pilot plants using its proprietary technology,starting in 2026.

"We are excited to partner with BlueScopeX to demonstrate the use of Helios Green Iron in their steelmaking operations," said Jonathan Geifman,CEO and co-founder of Helios Project Ltd. "This collaboration represents a significant milestone for our development and hints at the future of the global steel industry,with the adoption of new emerging sustainable innovations like the Helios Cycle™."

"Decarbonizing the steel industry is an incredible challenge and we are thrilled to collaborate with companies like Helios that could support us on our journey" said Andrew Garey,Chief Executive of BlueScope's venture fund,BlueScopeX.

Helios,founded in 2018,began as a space tech company with the mission to extract oxygen from the moon. It has since developed the Helios Cycle™,a technology that uses sodium to produce iron from iron ore and other metals,emitting only oxygen. This innovation seeks to support the steel industry's decarbonization efforts by developing cost-effective green iron production from various iron ores,including low-grade ones. Helios,an affiliated member of the World Steel Association,seeks to address the global steel industry's challenge of finding sustainable alternatives to coal,and producing green iron sourced from various types of iron ores,including low-grade ores and tailings. Nearly 2 billion tons of steel are produced annually,contributing to almost 10% of global CO2 emissions.