Venture Capital: Steel Decarbonizing Company Boston Metal Raises $120M
Boston Metal’s technology is designed for a direct, scalable approach to decarbonize steel production.
Boston Metal, a decarbonization tech firm for steel production, announced the close of its $120M Series C funding led by ArcelorMittal. Microsoft’s Climate Innovation Fund and SiteGround Capital also joined as new investors, along with existing ones.
The funds will be used to scale green steel production at the company’s pilot plant, and support the construction of its first commercial plant in Brazil for high-value metals. The company’s patented Molten Oxide Electrolysis process produces green steel and high-value metals, like tin and niobium, without carbon emissions. (Businesswire)
Steel production contributes to 10% of global carbon emissions, but Boston Metal aims to decarbonize the industry by 2050 with its MOE platform, which uses renewable energy to convert iron ore into steel efficiently.
“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. ArcelorMittal’s support further reinforces our capacity to lead the green steel revolution,” said Tadeu Carneiro, chairman and CEO, Boston Metal.
The technology Boston Metal is developing has the potential to deliver affordable green steel at scale, helping to drive cross-industry decarbonization, which is increasingly critical for companies with carbon reduction targets, such as Microsoft,” said Brandon Middaugh, director, Microsoft Climate Innovation Fund.
The company has a subsidiary in Brazil, Boston Metal do Brasil, focused on using MOE to advance metals production efficiency and sustainability.
Related Story: Decarbonized Cement Startup Sublime Systems Nabs $40M
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