Boston Metal, a global metals technology company, recently announced the close of its Series C fundraising round, bringing the total to $262 million. The round was supported by investors such as Aramco Ventures, M&G Investments, Goehring & Rozencwajg, Baillie Gifford, Breakthrough Energy Ventures, Microsoft’s Climate Innovation Fund, BHP Ventures and Prelude Ventures.
Boston Metal is working to decarbonize the steelmaking and metals industries through its molten oxide electrolysis process, which is simpler, more energy efficient and has a lower environmental impact than traditional methods. Boston Metal wants to empower mining companies to create new revenue streams by extracting high-value metals from complex, low-concentration materials that are currently considered waste.
The company’s technology uses the molten oxide electrolysis process and renewable electricity to eliminate Scope 1 and 2 carbon emissions from steelmaking. With plans to open a new manufacturing facility in the fall of 2023, Boston Metal is on track to ship its first metals in 2024 and expects to bring molten oxide electrolysis to the steel market by 2026.
