Global metals technology solutions company Boston Metal has raised $120 million in a series C funding round led by ArcelorMittal S.A. (NYSE: MT) to scale its green steel production technology.
Boston Metal is on a mission to help decarbonize one of the most hard-to-abate sectors – the steel industry.
The new financing round that was led by multinational steel manufacturer ArcelorMittal will support the construction of a new commercial plant in Brazil for the production of high-value metals and will also help Boston Metal expand its existing green steel pilot plant.
Other investors that participated in the funding round include Microsoft’s Climate Innovation Fund and SiteGround Capital.
“In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionize steelmaking,” said Aditya Mittal, CEO of ArcelorMittal.
The Massachusetts-based tech company has developed and patented the Molten Oxide Electrolysis (MOE) process, which it uses to produce green steel and high-value metals, such as niobium and tin.
With the help of this latest funding round, Boston Metal will be able to ramp up the green steel production outside Boston and will advance the design of its very first green steel plant.
Investors believe that the company’s proprietary technology is capable of delivering green steel at scale and at a lower price tag, thus advancing the decarbonization across the entire industry.