Market Segment
September 6, 2023
Boston Metal Raises $262M in Latest Fundraising Round
Written by Laura Miller
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.
