Steel Product Producers

Boston Metal Raises $262M in Latest Fundraising Round

Written by Laura Miller

September 6, 2023

Boston Metal has closed on another round of financing, allowing it to move forward with bringing what it hopes will be a breakthrough steelmaking technology to market.

The Woburn, Mass.-based company closed this week its Series C fundraising, having raised $262 million.

New investors in the latest fundraising round include Aramco Ventures, M&G Investments, Goehring & Rozencwajg, and Baillie Gifford. ArcelorMittal, Vale, and BHP Ventures are among the previously announced investors.

With the funding, Boston Metal plans to “accelerate deployment of its high-value metals business, grow its team globally and commercially demonstrate its molten oxide electrolysis (MOE) platform for decarbonized steelmaking.”

The company thinks its MOE process, which uses electricity to produce a variety of metals and alloys from a wide range of feedstocks, will help the steel industry to decarbonize. It says the process is more energy efficient and has a lower environmental impact than traditional methods.

Boston Metal is working to bring the MOE process to commercial scale. Its current plans are to ship its first high-value metals in 2024 and to bring the MOE technology to the broader steel market by 2026.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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