Boston-based company, Boston Metal which develops technology for the decarbonization of steel production, has secured $120 million in its Series C funding round.
The Massachusetts company’s latest Series C was spearheaded by ArcelorMittal S.A (NYSE: MT) which invested through its XCarb® Innovation Fund division.
The funding round involved pre-existing investors with Climate Innovation Fund from Microsoft and Site ground Capital as the new entrants. Following this investment round, ArcelorMittal’s Irina Gorbounova and Rick Cutright who represents pre-existing investor OGCI Climate Investments have become the latest addition to Boston Metal’s board of directors.
Under CEO Tadeu Carneiro’s leadership, Boston Metal’s target among its other goals is to to construct a high value metals production commercial plant in Brazil and this latest funding will make this aspiration a reality. More important and immediate is the company’s expansion goals particularly the scale up of green steel production at the company’s established pilot plant.
Boston Metal offers metals technology solutions chief among which is the commercialization of (MOE) Molten Oxide Electrolysis. MOE is a patented tonnage metals production system sustained by electricity.
Boston Metals’ MOE offering converts iron ore grades into steel using renewable electricity through a single procedure. Unlike what is obtainable on other systems, this procedure is energy efficient in that it does not release harmful byproducts such as carbon dioxide and there are no issues of processed water, precious-metal catalysts or other hazardous chemicals.
While describing what Boston Metal represents, CEO Carneiro pointed out how his company is at the verge of truly leading the green steel revolution with the latest resources at its disposal. According to Carneiro:
“Our technology is designed to decarbonize steel production at scale. We believe we have the experienced team, strong financial backing, and the innovative technology required to disrupt the industry.”
The potentials of Molten Oxide Electrolysis are enormous. The metals industry will have a go-to source for the manufacturing of steel and related metals from various feedstocks and iron ore grades.
As originally reported in
https://www.finsmes.com/2023/01/boston-metal-raises-120m-in-series-c-financing.html
