Green Steel Technology Company Boston Metal Announces $120M Series C Financing Led by ArcelorMittal
Capital will expand scale-up of green steel production at the company’s pilot plant and support construction of first commercial plant in
BOSTON--(BUSINESS WIRE)--Jan. 27, 2023--
Boston Metal, a company developing technology to fully decarbonize steel production, today announced the
ArcelorMittal’s lead investment was made through its XCarb®
Boston Metal’s patented Molten Oxide Electrolysis (MOE) process is being commercialized to produce both green steel and high-value metals, such as tin and niobium. The Series C funds will expand the production of green steel at the company’s pilot facility outside Boston and will support the site selection and preliminary design of its first green steel plant. The new resources will also support the construction and commissioning of a manufacturing facility for high-value metals at the company’s Brazilian subsidiary, Boston Metal do Brasil.
With the closing,
Steel is one of the most important materials for our society with almost 2 billion tons produced each year, but the industry relies on a carbon intensive manufacturing process that contributes almost 10 percent of global carbon emissions. Major steel consumers in the automotive, construction, and technology sectors are demanding net zero steel solutions, and the steel industry has committed to reaching net zero by 2050. Boston Metal is commercializing a zero emissions technology intended to reach the billion-ton scale at the competitive production costs required to revolutionize the steel industry. The company’s MOE platform uses renewable electricity to convert all iron ore grades into steel through an energy efficient, one-step process. The MOE technology does not release carbon dioxide or other harmful byproducts, and there’s no need for process water, hazardous chemicals, or precious-metal catalysts.
“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,” said
Complementary to the company’s work in steel, Boston Metal do Brasil is focused on using MOE to advance the efficiency, sustainability, and profitability of metals production. MOE selectively extracts valuable metals from complex, low-concentration materials that are currently considered waste. This enables miners to reduce the financial and environmental liabilities of slag by leveraging this natural by-product of metal production to create new revenue streams. First earnings from Boston Metal do Brasil are anticipated in 2023.
About Boston Metal
Boston Metal is a global metals technology solutions company that is commercializing Molten Oxide Electrolysis (MOE), a patented tonnage metals production platform powered by electricity. MOE is expected to provide the metals industry with a more efficient, lower cost, and greener solution for the production of steel and other metals from a wide variety of feedstocks and iron ore grades. Backed by leading investors and led by a world class team of scientists and metals industry veterans, Boston Metal’s technology is designed for a direct, scalable approach to decarbonize steel production. The company is headquartered in
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Source: Boston Metal