Boston Metal Announces Additional $120 Million in Series C Funding for the Production of Green Steel

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Boston Metal Green Steel (Credit: Boston Metal)

Boston Metal, a company developing technology to fully decarbonize steel production, has announced a $120 million Series C fundraising effort led by multinational steel company, ArcelorMittal. Microsoft’s Climate Innovation Fund and SiteGround Capital are the latest investors to join this project.

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 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.

“The technology Boston Metal is developing has the potential to deliver affordable green steel at scale, helping to drive cross-industry decarbonization, which is increasingly critical for companies with carbon reduction targets, such as Microsoft,” said Brandon Middaugh, Director of the Microsoft Climate Innovation Fund.

Green Steel Production

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% 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 processed water, hazardous chemicals, or precious-metal catalysts.

Boston Metal do Brasil is also focused on using MOE to work on 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.

Environment + Energy Leader