Boston Metal, a Boston, MA-based metals technology solutions company, raised $20M in Series C2 funding.
The round, which brought the total amount to $282M, was led by Marunouchi Innovation Partners.
The company intends to use the funds to expand its presence in Asia and accelerate its path to commercialization and support its ongoing growth.
Led by CEO Tadeu Carneiro, Boston Metal is commercializing Molten Oxide Electrolysis (MOE), a tonnage metals technology platform empowered by electricity, to decarbonize steelmaking. MOE provides the metals industry with a scalable, and green solution for the production of steel and high-value metals from a variety of feedstocks and iron ore grades.
The company, which has a wholly owned subsidiary in Brazil, expects to start generating revenue from its high-value metals business as early as 2024.
Commenting on the news, Tadeu Carneiro said: “Despite the challenging market conditions, Boston Metal’s valuation continues to increase while our persistent ability to secure funding from top-tier investors demonstrates the robust confidence in our vision and capabilities.”
FinSMEs
30/01/2024