Final Thoughts
ArcelorMittal Leads $120M Investment in Boston Metal
January 27, 2023
Boston Metal has announced $120 million in funding for its effort to fully decarbonize steel production.
The Woburn, Mass.-based company said the first close of Series C fundraising was led by an investment from international steelmaker ArcelorMittal. Other investors include Microsoft’s Climate Innovation Fund and SiteGround Capital.
“In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionize steelmaking,” ArcelorMittal CEO Aditya Mittal said in a statement.
ArcelorMittal’s lead investment was made through its XCarb® Innovation Fund, according to the statement.
Boston Metal said its 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. It will also support the site selection and preliminary design of the company’s first green steel plant, Boston Metal added.
The company said the money would in addition support the construction and commissioning of a manufacturing facility for high-value metals at its Brazilian subsidiary, Boston Metal do Brasil.
By Ethan Bernard, ethan@steelmarketupdate.com
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