Boston Metal, a startup trying to wring carbon emissions out of steel production, announced the $120 million first close of a Series C round led by metals giant ArcelorMittal.
Why it matters: The company is commercializing a revolutionary one-step process to decarbonize steel production using clean electricity, helping to eliminate ~10% of the world’s carbon emissions. Backed by leading investors, Boston Metal is currently the only company with a direct, scalable approach to greening the most critical engineering material in the world, steel.
Boston Metal’s patented Molten Oxide Electrolysis (MOE) platform replaces fossil fuels with renewable electricity to convert all iron ore grades into steel through an energy-efficient, one-step process.
Once this groundbreaking steel decarbonization technology becomes commercially available by 2026, steel producers will be able to achieve net zero scope 1 and 2 emissions cost-effectively and meet the growing global demand for green steel.