Boston Metal has raised $50 million in Series B funding to further accelerate industrial-scale deployments of its molten oxide electrolysis (MOE) technology towards emissions-free steel.
The financing was led by Piva Capital, BHP Ventures, and Devonshire Investors.
Boston Metal’s MOE technology uses electricity to transform metals from a raw oxide form into high-purity molten metal products, facilitating CO2 emissions-free steel production from a wide array of iron ores in a potentially more efficient, less costly and more sustainable approach, the company claims.
Tadeu Carneiro, Chairman and CEO of Boston Metal, said: “Boston Metal is ushering in a new era of metallurgy. Steel production has relied on the same basic formula for millennia, and revolutionising such an industry requires a rare combination of team, technology, and partners. With this new round of funding, Boston Metal has brought together all of these elements and is positioned to deliver a future where steel production is efficient, modular and clean.”
Building on the momentum of its Series A financing in 2018, this new funding round will allow Boston Metal to validate its patented inert anode technology at industrial-scale, further expand its team, and begin to deploy its MOE technology with customers, starting with high-value ferroalloy production as it advances toward steel applications, the company said.
“Innovation is at the heart of Boston Metal, but we also benefit greatly from MOE’s unique ability to leverage proven principles from both the steel and aluminium industries,” Carneiro added. “We are building a technology and a company that can scale to meet the immense challenge of decarbonising steelmaking, and that new era of metallurgy is coming soon.
“We intend to deploy pilot plants globally within a few years’ time.”