This month, we are excited to feature Boston Metal, a global metals technology solutions company. On September 6, 2023, the company announced the close of its Series C fundraising, bringing the series total to $262 million. Aramco Ventures, the corporate venturing arm of Aramco; global investment manager M&G Investments; natural resource investment firm Goehring & Rozencwajg; and investment management firm Baillie Gifford are amongst the new investors. They were joined by existing investor Breakthrough Energy Ventures and several others including Microsoft's Climate Innovation Fund, BHP Ventures, and Prelude Ventures.
Earlier this year, the initial Series C funding welcomed ArcelorMittal S.A., Microsoft's Climate Innovation Fund, SiteGround Capital and IFC, the private sector arm of the World Bank, as investors.
Boston Metal is working to commercialize Molten Oxide Electrolysis (MOE) to decarbonize steelmaking, offering a scalable, cost-competitive, and green solution. Through its Series C funding, Boston Metal will accelerate deployment of its high-value metals business, grow its team globally, and commercially demonstrate its MOE platform for decarbonized steelmaking. Boston Metal is developing a scalable technology platform that uses electricity to produce a variety of metals and alloys from a wide range of feedstocks. This initiative aims to combat the significant pressure currently placed on the metals and mining sectors to shift to more sustainable production methods while enhancing efficiency and profitability.
Compared to conventional techniques, Boston Metal's Molten Oxide Electrolysis (MOE) process is easier to use, more energy-efficient, and less harmful to the environment. With its high-value metals business, Boston Metal is empowering mining companies to create new revenue streams by deploying MOE to extract high-value metals from complex, low-concentration materials that are currently considered waste. The company's technology for low-carbon emissions steel uses the MOE process and renewable electricity to eliminate Scope 1 and 2 carbon emissions from steelmaking, which today accounts for approximately 10% of global CO2 emissions.
Boston Metal is on track to ship its first high-value metals in 2024 and expects to bring MOE to the steel market by 2026, helping the industry to achieve 2050 net-zero commitments. Congratulations to the entire Boston Metal team!
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