Boston Metal, a Woburn, MA-based industrial-scale electrolysis solution for high-volume ferroalloys production, raised $20M in a Series A funding.
The round was led by Breakthrough Energy Ventures with participation from Prelude Ventures and The Engine.
The company intends to use the funds to accelerate the first industrial-scale deployments of its molten oxide electrolysis (MOE) technology for the production of ferroalloys, and continue the scale-up of MOE for the production of emissions-free steel.
Led by Tadeu Carneiro, CEO, Boston Metal is a provider of industrial-scale, metals production solutions utilizing its Molten Oxide Electrolysis (MOE) process. MOE provides the metals industry with an efficient and green solution for the production of a wide array of metals and alloys from a wide variety of feedstocks.
The company was spun-out of MIT in 2012 with an investment from Ingo Wender and has since scaled the technology 1,000x and produced thousands of kilograms of metal.