Investors position Boston Metal to scale green steel by 2026
Sources: Boston Metal, Woburn, Mass.; CMCM staff
Boston Metal is poised to commercially demonstrate its Molten Oxide Electrolysis (MOE) platform for decarbonized steelmaking on the strength of a $262 million Series C funding round, whose participants include incumbent investors Breakthrough Energy Ventures and Microsoft Climate Innovation Fund, plus newcomer Aramco Ventures. Tapping electricity from renewable energy sources, the MOE process eliminates (GHG Protocol-defined) Scope 1 and 2 carbon emissions from steelmaking. While other green steel category solutions depend on scarce high-grade iron ores, Boston Metal notes, MOE can harness high-quality liquid steel from more abundant medium- and low-grade feeds.
MOLTEN OXIDE ELECTROLYSIS: FORGING GREEN STEEL
“Raising capital from diverse sources spanning private equity, venture capital, institutional investors and strategic investors demonstrates robust confidence in our ability to transform steel and metals production for a sustainable future,” says Boston Metal Chairman Tadeu Carneiro. “We continue to make significant progress on the scale-up of MOE for green steel production at our pilot plant outside of Boston.” The company expects to bring the technology to market by 2026, he adds, helping the industry to achieve 2050 net-zero commitments.
“Boston Metal has made remarkable progress on the maturation of its technology and business model, which has the potential to decarbonize steelmaking at scale while delivering significant value and sustainability benefits for the metals industry,” observes Breakthrough Energy Ventures’ Carmichael Roberts.
“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,” affirms Aramco Ventures Managing Director, North America Jim Sledzik.