Boston Metal, a Boston, MA-based company developing technology to decarbonize steel production, raised $120M in Series C funding.
The round was led by ArcelorMittal S.A. (NYSE: MT), through its XCarb® Innovation Fund, with participation from Microsoft’s Climate Innovation Fund and SiteGround Capital, alongside current investors. With the closing, Irina Gorbounova of ArcelorMittal and Rick Cutright of current investor OGCI Climate Investments joined the company’s board of directors.
The company intends to use the funds to expand scale-up of green steel production at its pilot plant and support construction of first commercial plant in Brazil for high-value metals production.
Led by Tadeu Carneiro, CEO, Boston Metal is a metals technology solutions company that is commercializing Molten Oxide Electrolysis (MOE), a patented tonnage metals production platform powered by electricity. The company’s MOE platform uses renewable electricity to convert all iron ore grades into steel through an energy efficient, one-step process. The technology does not release carbon dioxide or other harmful byproducts, and there’s no need for process water, hazardous chemicals, or precious-metal catalysts.
MOE is expected to provide the metals industry for the production of steel and other metals from a wide variety of feedstocks and iron ore grades.
Commenting on the news, Tadeu Carneiro said: “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“
FinSMEs
27/01/2023