Boston Metal Closes $262M Series C Funding Round to Decarbonize Steelmaking and Disrupt the Metals Industry
Boston Metal, a global metals technology solutions company, today announced the close of its Series C fundraising, bringing the series total to $262 million. New investors include 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. Existing investor Breakthrough Energy Ventures also joined the round, and several others made additional investments in the Series C, including Microsoft’s Climate Innovation Fund, BHP Ventures and Prelude Ventures.
Building on the momentum of initial Series C funding announced earlier this year – which 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 will accelerate deployment of its high-value metals business, grow its team globally and commercially demonstrate its Molten Oxide Electrolysis (MOE) platform for decarbonized steelmaking.
“Boston Metal has made remarkable progress on the maturation of its MOE technology and business model, which has the potential to decarbonize steelmaking at scale while delivering significant value and sustainability benefits for the metals industry,” said Carmichael Roberts, Breakthrough Energy Ventures. “We’re proud to continue our investment in the company, as it’s an example of the high-impact technology we seek to support solving the world’s most pressing climate problems.”
“This investment in Boston Metal will help foster the innovation and collaboration required to address climate challenges. Green steel solutions, like Boston Metal’s, have the potential to tackle emissions in one of the most difficult-to-abate industries, and we believe the company has the leadership, technology and strategy necessary to meet this opportunity,” said Jim Sledzik, managing director, North America, Aramco Ventures.
“Boston Metal is working to decarbonize the steelmaking and metals industries,” said Thierry Masson, head of Catalyst – Americas at M&G Investments. “Boston Metal’s MOE technology paired with an experienced leadership team provides a major opportunity to reduce emissions in hard-to-abate industries worldwide. This is a good example of a climate tech company that has the potential to contribute to us living in a more sustainable world.”
The metals and mining sectors are under significant pressure to shift to more sustainable production methods while enhancing efficiency and profitability. 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. The company’s Molten Oxide Electrolysis process is simpler, more energy efficient and has a lower environmental impact than traditional methods. 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. While many green steel solutions are dependent on scarce high-grade iron ores, the MOE technology can produce high-quality liquid steel from the more abundant medium- and low-grade iron ores.
“Boston Metal’s success in raising capital from diverse sources spanning private equity, venture capital, institutional investors and strategic investors demonstrates robust confidence in Boston Metal’s ability to transform steel and metals production for a sustainable future,” said Tadeu Carneiro, chairman and CEO, Boston Metal. “Our high-value metals business is nearing commercialization at our subsidiary in Brazil, with our manufacturing facility opening this fall, and we continue to make significant progress on the scale-up of MOE for green steel production at our pilot plant outside of Boston.”
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.
About Boston Metal
Boston Metal is commercializing Molten Oxide Electrolysis (MOE), a tonnage metals technology platform powered by electricity, to decarbonize steelmaking and transform how metals are made. MOE provides the metals industry with a scalable, cost-competitive and green solution for the production of steel and high-value metals from a variety of feedstocks and iron ore grades. Backed by visionary investors and led by a world-class team, Boston Metal is headquartered in Woburn, Massachusetts and has a wholly owned subsidiary in Brazil. Learn more at www.bostonmetal.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230905925429/en/
Contact information
Media
Annika Harper
Antenna Group for Boston Metal
bostonmetal@antennagroup.com
For Media Inquiries in Brazil
J.D. Vital
jvital@bostonmetal.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
FPT Named Sitecore’s First Global Partner Under Global Elite Reseller Program8.1.2026 10:00:00 EET | Press release
Global IT Corporation FPT announced its appointment as the inaugural Global Elite Reseller under a new initiative from Sitecore that expands upon its successful Global Reseller Program. The Global Elite Reseller Program follows the launch of SitecoreAI, the next-generation digital experience platform that puts artificial intelligence at the center of marketing, unifying content, data, and personalization in one composable platform so organizations can reach, engage, and serve their audience across digital channels. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260107425261/en/ Representatives from FPT and Sitecore at the Global Elite Reseller signing ceremony. Under the agreement, FPT will hold exclusive reseller rights in Vietnam and non-exclusive rights across select markets in Asia and the Middle East, taking SitecoreAI to market and showing how it helps teams plan, create, and optimize digital experiences using AI as cu
Natus Sensory Appoints Arne Boye Nielsen to Board of Directors8.1.2026 09:00:00 EET | Press release
Natus Sensory, a global leader in sensory and diagnostic solutions, today announced the appointment of Arne Boye Nielsen to its Board of Directors, effective January 1, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260107392331/en/ Arne Boye Nielsen Arne brings more than 30 years of executive leadership experience in diagnostics and medical technology, most notably as President of Demant Diagnostics, where he built and scaled the business into a global leader over three decades. During his tenure, Arne played a central role in shaping Demant Diagnostics’ long-term strategy, portfolio expansion, and international growth, establishing it as a cornerstone of Demant’s global healthcare footprint. In addition to his executive leadership background, Arne brings extensive board experience. His deep expertise across diagnostics, governance, and value creation will further strengthen Natus Sensory’s Board as the company contin
4Moving Biotech Receives FDA IND Clearance for 4P004, Strengthening Its Position as a Leading Innovator in Disease-Modifying Osteoarthritis Therapeutics8.1.2026 08:30:00 EET | Press release
4Moving Biotech (4MB), a clinical stage biotechnology company developing next-generation, disease-modifying therapies for osteoarthritis (OA), today announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for 4P004, enabling the expansion of the Phase 2a INFLAM MOTION clinical trial into the United States (US). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260107798042/en/ 4Moving Biotech (4MB), a clinical stage biotechnology company developing next-generation, disease-modifying therapies for osteoarthritis (OA), today announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for 4P004, enabling the expansion of the Phase 2a INFLAM MOTION clinical trial into the United States (US). The U.S. Food and Drug Administration (FDA) approval marks another strategic step in 4MB’s global clinical deployment across
Organon Enters into a Commercialization Agreement for Daiichi Sankyo’s Nilemdo ® in France, Denmark, Iceland, Sweden, Finland and Norway8.1.2026 08:30:00 EET | Press release
Organon today announced that it has entered into an agreement with Daiichi Sankyo Europe to commercialize Nilemdo® (bempedoic acid) in France, Denmark, Iceland, Sweden, Finland and Norway. Nilemdo® is a new, first-in-class drug indicated for patients with high cholesterol and cardiovascular disease risk. It provides an alternative treatment for patients that cannot be treated effectively with statins.ii “This collaboration combines Organon’s commercial agility with Daiichi Sankyo’s expertise in cardiovascular innovation to bring Nilemdo® to patients in France, Denmark, Iceland, Sweden, Finland and Norway,” says Thibault Crosnier Leconte, AVP & Managing Director at Organon Northwest Europe. “By offering a new treatment option for patients who cannot tolerate statins, we are helping to close a persistent gap in cardiovascular care—one that disproportionately affects women – whilst reinforcing our mission to deliver impactful treatments for a healthier every day.” Cardiovascular disease i
Azafaros to Present at J.P. Morgan’s 44 th Annual Healthcare Conference8.1.2026 08:00:00 EET | Press release
Azafaros, a company building a portfolio to become a leader in lysosomal storage disorders with the goal of addressing neurological symptoms, today announced that it will present at J.P. Morgan’s 44th Annual Healthcare Conference on Thursday, January 15. The company’s presentation will begin at 9:30 am PT/12:30 am ET/6:30 am CET. The presentation will focus on the company’s lead product, nizubaglustat, a potential treatment for rare lysosomal storage disorders with neurological involvement including GM1/GM2 gangliosidoses and Niemann-Pick type C disease ((NPC). Two pivotal Phase 3 studies investigating nizubaglustat in GM1/GM2 gangliosidoses and NPC are currently enrolling, with data expected in 2027. The studies build on positive data from a robust clinical program including the Phase 2 RAINBOW study and the PRONTO natural history study. The Phase 3 studies are financed following the company’s successful completion of €132 million series B round completed in 1H 2025. About nizubaglust
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom