Boston Metal, a Woburn, Massachusetts-based global metals technology solutions company, closed its Series C fundraising, bringing the series total to $262m.
New investors included Aramco Ventures, the corporate venturing arm of Aramco; global investment manager M&G Investments; natural resource investment firm Goehring & Rozencwajg; and investment management firm Baillie Gifford. Existing investor Breakthrough Energy Ventures also joined the round, and several others made additional investments in the Series C, including Microsoft’s Climate Innovation Fund, BHP Ventures and Prelude Ventures.
Building on the momentum of initial Series C funding announced earlier this year – which saw the participation from ArcelorMittal S.A., Microsoft’s Climate Innovation Fund, SiteGround Capital and IFC, the private sector arm of the World Bank, as investors – the company will accelerate deployment of its high-value metals business, grow its team globally and commercially demonstrate its Molten Oxide Electrolysis (MOE) platform for decarbonized steelmaking.
Led by Tadeu Carneiro, chairman and CEO, Boston Metal is commercializing Molten Oxide Electrolysis (MOE), a tonnage metals technology platform powered by electricity, to decarbonize steelmaking and transform how metals are made. MOE provides the metals industry with a green solution for the production of steel and high-value metals from a variety of feedstocks and iron ore grades. The company has a wholly owned subsidiary in Brazil.
Boston Metal is on track to ship its first high-value metals in 2024 and expects to bring MOE to the steel market by 2026, helping the industry to achieve 2050 net-zero commitments.
FinSMEs
06/09/2023