Home » Boston Metal closes Series C at $262 million to decarbonize steelmaking process

Boston Metal closes Series C at $262 million to decarbonize steelmaking process

Boston Metal, a metals technology solutions company, has announced a Series C closing at $262 million.

The existing investors include Breakthrough Energy Ventures, and others made additional investments in Series C, including Microsoft’s Climate Innovation Fund, BHP Ventures, and Prelude Ventures.

The new investors include – Aramco Ventures, investment manager M&G Investments, natural resource investment firm Goehring & Rozencwajg, and investment management firm Baillie Gifford.

The earlier Series C announcement had ArcelorMittal S.A., Microsoft’s Climate Innovation Fund, SiteGround Capital and IFC, the private sector arm of the World Bank, as participants in the funding.

The funds will be utilized for the metals business, expand the team, and commercially demonstrate its Molten Oxide Electrolysis (MOE) platform.

The companies involved say –

Carmichael Roberts, Breakthrough Energy Ventures, said, “Boston Metal has made remarkable progress on the maturation of its MOE technology and business model, which has the potential to decarbonize steelmaking at scale while delivering significant value and sustainability benefits for the metals industry,”

“We’re proud to continue our investment in the company, as it’s an example of the high-impact technology we seek to support solving the world’s most pressing climate problems.”

Jim Sledzik, managing director, North America, Aramco Ventures, said, “This investment in Boston Metal will help foster the innovation and collaboration required to address climate challenges.”

“Green steel solutions, like Boston Metal’s, have the potential to tackle emissions in one of the most difficult-to-abate industries, and we believe the company has the leadership, technology and strategy necessary to meet this opportunity,”

Thierry Masson, head of Catalyst – Americas at M&G Investments, said, “Boston Metal is working to decarbonize the steelmaking and metals industries,”

“Boston Metal’s MOE technology paired with an experienced leadership team provides a major opportunity to reduce emissions in hard-to-abate industries worldwide. This is a good example of a climate tech company that has the potential to contribute to us living in a more sustainable world.”

Boston Metal claims it is creating a technology that uses electricity to produce metals and alloys from feedstocks.

The MOE process by Boston Metal

The Molten Oxide Electrolysis process is energy efficient with less effect on the environment, claims the company.

The company plans to utilize MOE to extract high-value metals from complex, low-concentration materials. The company claims that the technology utilizes more abundant medium and low-grade iron ores.

Tadeu Carneiro, chairman and CEO, Boston Metal, said, “Boston Metal’s success in raising capital from diverse sources spanning private equity, venture capital, institutional investors and strategic investors demonstrates robust confidence in Boston Metal’s ability to transform steel and metals production for a sustainable future,”

“Our high-value metals business is nearing commercialization at our subsidiary in Brazil, with our manufacturing facility opening this fall, and we continue to make significant progress on the scale-up of MOE for green steel production at our pilot plant outside of Boston.”

source: https://www.bostonmetal.com/news/boston-metal-closes-262m-series-c-funding-round-to-decarbonize-steelmaking-and-disrupt-the-metals-industry/