Boston Metal: Metals Technology Solutions Company Closes $20 Million

By Amit Chowdhry ● Jan 30, 2024

Boston Metal – a global metals technology solutions company – announced a $20 million Series C2 investment from Marunouchi Innovation Partners. This new funding round brings the series total to $282 million.

With this new funding round, Boston Metal expands its presence in Asia, a market accounting for more than 70% of the world’s steel production. And the funding will accelerate the company’s path to commercialization and support its ongoing growth by attracting and retaining top industry talent.

Building on the Series C1 funding round, Boston Metal is accelerating its mission to commercialize breakthrough green steel technology by 2026 to support the steel industry’s 2050 zero-carbon goals. And the company expects to start generating revenue from its high-value metals business as early this year.

The drive for decarbonization in sectors such as transportation and infrastructure is increasing the demand for green steel solutions. And Boston Metal’s Molten Oxide Electrolysis (MOE) technology is a direct, one-step process that can produce high-quality steel from abundant medium- and low-grade iron ores. This flexibility is unique and positions MOE in meeting the growing demand for environmentally sustainable steel in various industries. As a platform technology, MOE also enables for the extraction of high-value metals from previously unusable low-concentration materials, like mining waste.

This funding follows Boston Metal’s recent selection by the U.S. Department of Energy to establish a chromium metal manufacturing plant in Weirton, West Virginia, for onshore production of a material critical to the aerospace, chemical processing, and nuclear industries.

KEY QUOTES:

“Our commitment to innovation and sustainability in metals production remains unwavering and this funding will be instrumental in advancing our long-term goals. Despite the challenging market conditions, Boston Metal’s valuation continues to increase while our persistent ability to secure funding from top-tier investors demonstrates the robust confidence in our vision and capabilities.”

– Tadeu Carneiro, CEO of Boston Metal

“We recognize the critical importance of advancing sustainable practices in metal production. Our investment in Boston Metal is a testament to our belief that their technology represents an innovative, long-term solution for commercial green steel production amid the growing global steel demand.”

– Ichiro Miyoshi, CEO of Marunouchi Innovation Partners