Boston Metals, a metals technology company, has successfully raised $262 million in its Series C fundraising round, building upon an initial close of $120 million announced in January. These funds will be used to expedite the development of their platform for decarbonized steelmaking.
The increasing demand for fossil-free steel is driven by global manufacturers aiming to reduce emissions in their supply chains. Steel production is a major contributor to global CO2 emissions, accounting for 7% to 9% of direct emissions stemming from the global use of fossil fuels.
Founded in 2013, Boston Metals specializes in commercializing Molten Oxide Electrolysis (MOE), an electricity-powered metals production platform. MOE can be employed for the production of green steel and high-value metals like tin and niobium. This technology utilizes renewable electricity to convert all grades of iron ore into steel efficiently, while selectively extracting valuable metals from complex, low-concentration materials that are often considered waste. This process generates zero CO2 emissions, requires no process water, hazardous chemicals, or precious-metal catalysts, and is cost-competitive when compared to traditional production methods.
In 2022, Boston Metals established a subsidiary in Brazil, where it uses the MOE platform to develop high-value metals from mining waste. Following this funding round, Boston Metal intends to expedite the growth of its high-value metals business, expand its global team, and demonstrate the commercial viability of its MOE platform. The company plans to ship its first high-value metals in 2024 and introduce its MOE technology to the steel market by 2026.
Investors in the Series C round include Aramco Ventures, M&G Investments, Baillie Gifford, and natural resource investment firm Goehring & Rozencwajg, as well as Breakthrough Energy Ventures, Microsoft’s Climate Innovation Fund, BHP Ventures, and Prelude Ventures.
By FCCT Editorial Team
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