In a statement, Helios Project Ltd. said the purpose of the MOU is to demonstrate the use of Helios Green Iron (HGI) in parts of BlueScope's steelmaking operations. The initial phase of the collaboration will involve a pilot project through which Helios will provide HGI to BlueScope. 

“We are excited to partner with (BlueScope venture fund) BlueScopeX to demonstrate the use of Helios Green Iron in their steelmaking operations,” said Jonathan Geifman, Helios Project chief executive officer and co-founder. “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.” 

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.