Steel Product Producers
Boston Metal Raises $262M in Latest Fundraising Round
Written by Laura Miller
September 6, 2023
Boston Metal has closed on another round of financing, allowing it to move forward with bringing what it hopes will be a breakthrough steelmaking technology to market.
The Woburn, Mass.-based company closed this week its Series C fundraising, having raised $262 million.
New investors in the latest fundraising round include Aramco Ventures, M&G Investments, Goehring & Rozencwajg, and Baillie Gifford. ArcelorMittal, Vale, and BHP Ventures are among the previously announced investors.
With the funding, Boston Metal plans to “accelerate deployment of its high-value metals business, grow its team globally and commercially demonstrate its molten oxide electrolysis (MOE) platform for decarbonized steelmaking.”
The company thinks its MOE process, which uses electricity to produce a variety of metals and alloys from a wide range of feedstocks, will help the steel industry to decarbonize. It says the process is more energy efficient and has a lower environmental impact than traditional methods.
Boston Metal is working to bring the MOE process to commercial scale. Its current plans are to ship its first high-value metals in 2024 and to bring the MOE technology to the broader steel market by 2026.
Laura Miller
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