Boston Metal, a company developing technology to completely decarbonize steel production, announced today the first close of a $120 million Series C fundraising round led by multinational steel company ArcelorMittal S.A. Along with existing investors, Microsoft’s Climate Innovation Fund and SiteGround Capital participated in this round as new investors.
The patented Molten Oxide Electrolysis (MOE) process developed by Boston Metal is being commercialized to produce both green steel and high-value metals such as tin and niobium. The Series C funds will be used to expand green steel production at the company’s pilot facility outside of Boston, as well as to support the site selection and preliminary design of the company’s first green steel plant.
In addition to its steel work, Boston Metal do Brasil is focusing on using MOE to improve the efficiency, sustainability, and profitability of metals production. MOE extracts valuable metals selectively from complex, low-concentration materials that are currently considered waste. This allows miners to reduce their financial and environmental liabilities associated with slag by repurposing this natural byproduct of metal production to generate new revenue streams. Boston Metal do Brasil’s first earnings are expected in 2023.