Former Fortescue executives Michael Masterman and Bart Kolodziejczyk have launched Element Zero, a company focusing on green iron ore processing.

Element Zero plans to build a $US2.1 billion plant in the Pilbara region that aims to significantly reduce the carbon emissions of Australia's iron ore industry within five years.

The company has successfully raised $US10 million in seed funding and is seeking an additional $US50-100 million for further development.

Element Zero has developed an innovative electrochemical process to convert iron ore to pure iron, which they are looking to commercialize.

The proposed green iron facility is awaiting government approval to be situated in the Boodarie strategic industrial estate near Port Hedland.

Expanding beyond iron, Element Zero is investigating zero-emission technologies for processing various metal ores and is in talks with potential investors and customers in Japan and South Korea.

The company is actively seeking potential US grants under the Inflation Reduction Act and is contemplating the production of green silicon.

This initiative is part of a broader effort to decarbonize the iron ore sector, which is facing international pressures, especially from China, the largest importer of iron ore.