Business Wire

Boston Metal Closes $262M Series C Funding Round to Decarbonize Steelmaking and Disrupt the Metals Industry

Share

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.

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

Zycus Recognized as A Customers’ Choice in 2025 Gartner® Peer Insights™ “Voice of the Customer” for Source-to-Pay Suites18.9.2025 12:20:00 EEST | Press release

Zycus, a global leader in procurement and source-to-pay transformation, today announced it has been recognized as A Customers’ Choice in 2025 Gartner Peer Insights™ “Voice of the Customer”: Source-to-Pay Suites report. The Gartner Peer Insights report aggregates ratings and reviews from verified end users over an 18-month ending June 30, 2025. To qualify, vendors must have at least 20 eligible reviews and meet thresholds for capabilities and support. In the 2025 report, only eight vendors qualified, with Zycus placed in the Customers’ Choice quadrant — highlighting vendors rated above the market average for both Overall Experience and User Interest & Adoption. Recognition Backed by Customer Experience According to the report, Zycus achieved: 4.6 out of 5 Overall Rating, based on 67 peer reviews as of June 30, 2025. 95% willingness to recommend score – reflecting customer trust and satisfaction. Ratings across Product Capabilities, Sales Experience, Deployment, and Support, each above 4

Former Wasabi EMEA VP Richard Czech Joins Leviia to Lead European Channel Expansion18.9.2025 12:00:00 EEST | Press release

Leviia, the French cloud storage provider with more than one million users and 1,000 enterprise customers, today announces a major step in its growth strategy: the expansion of its S3 storage operations across Europe. To lead this initiative, Leviia has appointed Richard Czech, former Vice President EMEA at Wasabi, as Chief Business Development Officer. Czech will drive market development and scale Leviia’s partner ecosystem across Europe, building on the company’s successful go-to-market model in France. “Richard’s arrival reflects the scale of our ambitions in Europe,” said William Méauzoone, co-founder of Leviia. “He combines first-hand experience in scaling a major storage player with an exceptional understanding of the European channel landscape. ” “I’m excited to join Leviia and lead its European expansion,” said Czech. “Organizations face growing pressure to store data in sovereign, multi-site environments. Unlike non-European providers such as Amazon or Wasabi, Leviia is unique

Neumirna Therapeutics Appoints Ellen K. Donnelly as Chief Executive Officer18.9.2025 12:00:00 EEST | Press release

Neumirna Therapeutics, a biotechnology company developing RNA-based therapies for neurological diseases, today announced the appointment of Ellen K. Donnelly, Ph.D. as Chief Executive Officer. Ellen brings more than 20 years of leadership in neuroscience and rare diseases, spanning both global pharmaceutical companies and innovative biotech firms. She joins Neumirna from her role as CEO of Abliva AB, recently acquired by Pharming Group, and has previously led Modus Therapeutics and Souvien Therapeutics. Earlier in her career, Ellen spent nearly a decade at Pfizer Inc., where she held leadership roles in neuroscience research, clinical operations, portfolio management, and strategy. She holds a Ph.D. in Pharmacology & Neuroscience from Yale University. "Ellen combines scientific expertise with proven leadership in both biotech and pharma," said Luis Pareras, Chairman of the Board at Neumirna. "The Board is confident that under her guidance, Neumirna will continue to translate our innova

IQM and Scientek Corporation Sign Reseller Agreement to Boost Quantum Computing in Taiwan18.9.2025 11:11:00 EEST | Press release

IQM Quantum Computers and Scientek Corporation, a Taiwan-based reseller of scientific instruments and other high-technology products, today announced the signing of a strategic reseller agreement to accelerate the commercialisation of quantum computing. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250918110284/en/ IQM and Scientek Corporation sign reseller agreement The agreement follows the installation of IQM Spark, the first full-stack superconducting quantum computer at the Taiwan Semiconductor Research Institute (TSRI). Under the reseller agreement, Scientek will sell and promote IQM’s on-premises quantum computers and cloud solutions that meet the evolving needs of universities, research institutions, and enterprises. Combining Scientek's strong market presence and customer-centric approach in Taiwan with IQM’s quantum leadership, the collaboration will help Taiwanese businesses and research institutions to explore a

Acuity Knowledge Partners Acquires Ascent18.9.2025 10:30:00 EEST | Press release

Acuity Knowledge Partners (Acuity), a leading global provider of bespoke research, data management, analytics and AI solutions to the financial services sector, has announced that it has exchanged on the acquisition of Ascent. The transaction is expected to close on 30th September 2025. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250915732380/en/ L-R: Stewart Smythe, Chief Executive Officer, Ascent; Jon O'Donnell, Chief Operating Officer, Acuity Knowledge Partners, and Robert King, Chief Executive Officer, Acuity Knowledge Partners This strategic move significantly expands Acuity's Data and Technology Services (DTS) division and its offering of technology and AI led services and solutions. Ascent, a leading European provider of AI-powered digital transformation services, supports over 170 clients globally, with 550 data, software, and cloud specialists operating across seven European jurisdictions. “Our acquisition of Asc

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
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye