Green Steel Technology Company Boston Metal Announces $120M Series C Financing Led by ArcelorMittal
Boston Metal, a company developing technology to fully decarbonize steel production, today announced the $120 million first close of Series C fundraising led by multinational steel company, ArcelorMittal S.A. (NYSE: MT). Microsoft's Climate Innovation Fund and SiteGround Capital also joined as new investors in this round, alongside current investors.
ArcelorMittal’s lead investment was made through its XCarb® Innovation Fund. Commenting, Aditya Mittal, CEO, ArcelorMittal, said, “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. In our extensive discussions with them, we have been impressed by the passion and vision they have to contribute to the decarbonization of steelmaking. They are an exciting and welcome addition to the XCarb® Innovation Fund’s portfolio.”
Boston Metal’s patented Molten Oxide Electrolysis (MOE) process is being commercialized to produce both green steel and high-value metals, such as tin and niobium. The Series C funds will expand the production of green steel at the company’s pilot facility outside Boston and will support the site selection and preliminary design of its first green steel plant. The new resources will also support the construction and commissioning of a manufacturing facility for high-value metals at the company’s Brazilian subsidiary, Boston Metal do Brasil.
“Microsoft’s Climate Innovation Fund was created to accelerate technology development and deployment in areas that will have the most meaningful impact on climate. The technology Boston Metal is developing has the potential to deliver affordable green steel at scale, helping to drive cross-industry decarbonization, which is increasingly critical for companies with carbon reduction targets, such as Microsoft,” said Brandon Middaugh, director, Microsoft Climate Innovation Fund.
With the closing, Irina Gorbounova of ArcelorMittal and Rick Cutright of current investor OGCI Climate Investments joined the company’s board of directors. “Boston Metal has built an incredible team that has been making significant progress advancing its disruptive technology since we first invested in its Series A,” said Rick Cutright, Technology Director at OGCI Climate Investments. “We’re very excited to continue that investment and be part of this next important phase of the company’s growth as it builds capacity that will revolutionize the steel industry and support a net zero economy.”
Steel is one of the most important materials for our society with almost 2 billion tons produced each year, but the industry relies on a carbon intensive manufacturing process that contributes almost 10 percent of global carbon emissions. Major steel consumers in the automotive, construction, and technology sectors are demanding net zero steel solutions, and the steel industry has committed to reaching net zero by 2050. Boston Metal is commercializing a zero emissions technology intended to reach the billion-ton scale at the competitive production costs required to revolutionize the steel industry. The company’s MOE platform uses renewable electricity to convert all iron ore grades into steel through an energy efficient, one-step process. The MOE technology does not release carbon dioxide or other harmful byproducts, and there’s no need for process water, hazardous chemicals, or precious-metal catalysts.
“Our technology is designed to decarbonize steel production at scale. We believe we have the experienced team, strong financial backing, and the innovative technology required to disrupt the industry. ArcelorMittal's support further reinforces our capacity to lead the green steel revolution,” said Tadeu Carneiro, chairman and CEO, Boston Metal.
Complementary to the company’s work in steel, Boston Metal do Brasil is focused on using MOE to advance the efficiency, sustainability, and profitability of metals production. MOE selectively extracts valuable metals from complex, low-concentration materials that are currently considered waste. This enables miners to reduce the financial and environmental liabilities of slag by leveraging this natural by-product of metal production to create new revenue streams. First earnings from Boston Metal do Brasil are anticipated in 2023.
About Boston Metal
Boston Metal is a global metals technology solutions company that is commercializing Molten Oxide Electrolysis (MOE), a patented tonnage metals production platform powered by electricity. MOE is expected to provide the metals industry with a more efficient, lower cost, and greener solution for the production of steel and other metals from a wide variety of feedstocks and iron ore grades. Backed by leading investors and led by a world class team of scientists and metals industry veterans, Boston Metal’s technology is designed for a direct, scalable approach to decarbonize steel production. The company is headquartered in Woburn, Massachusetts with a wholly owned subsidiary in Brazil. To learn more about Boston Metal, visit 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/20230126006000/en/
Contact information
Media
Annika Harper
Antenna Group for Boston Metal
bostonmetal@antennagroup.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
Outpost24 Acquires Infinipoint to Power Its Entry into the Zero Trust Workforce Access Market9.12.2025 09:00:00 EET | Press release
Outpost24, a leader in exposure management and identity security, today announced the acquisition of Infinipoint, a specialist in device identity, posture validation, and secure workforce access. The acquisition marks Outpost24’s entry into the Zero Trust Workforce Access market and enhances its identity security division, Specops, by laying the foundation for a unified approach that evaluates both the user and the device before access is granted. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251208750630/en/ Ido Erlichman, Chief Executive Officer of Outpost24. As organizations advance their Zero Trust strategies, authentication alone is no longer enough. MFA and SSO confirm who the user is, but they do not validate the security of the device being used. In hybrid environments where employees, contractors, and partners rely on a mix of corporate and unmanaged devices, this gap has become a significant source of risk. Ensuri
VSO Submits VCP v1.0 to Nineteen Regulatory Authorities Across Thirteen Jurisdictions and Completes First Integrated Evaluation in a Production-Like Environment9.12.2025 09:00:00 EET | Press release
The VeritasChain Standards Organization (VSO) announced today that it has submitted the VeritasChain Protocol (VCP) v1.0 to nineteen regulatory authorities across thirteen jurisdictions, including the United States, United Kingdom, European Union, Singapore, Hong Kong, United Arab Emirates (DIFC), Australia, India, South Korea, Switzerland, Brazil, Liechtenstein, and Saudi Arabia. The submissions present VCP v1.0 as a cryptographic audit framework designed to address emerging supervisory requirements under the EU AI Act Article 12 for logging and traceability, and MiFID II / RTS 25 for timestamp integrity and event ordering in AI-driven and algorithmic trading systems. VSO also confirmed the first completed integration of VCP v1.0 within a controlled, production-like evaluation environment operating under its Early Access Program. The environment successfully generated cryptographically linked event chains, immutable hashing, and verifiable proofs using RFC-aligned structures, demonstr
ENGIE and NHOA Energy Expand Their Partnership in Belgium to Build a New 320 MWh Battery Energy Storage System9.12.2025 09:00:00 EET | Press release
NHOA Energy, global provider of utility-scale energy storage systems, has been awarded by ENGIE the contracts for the Supply, Commissioning and the Long-Term Service of a new 80 MW / 320 MWh Battery Energy Storage System (BESS) to be installed at the site of ENGIE’s Drogenbos power station, near Brussels. The Drogenbos BESS represents ENGIE’s third large-scale battery asset in Belgium and was selected in the country’s fifth Capacity Remuneration Mechanism (CRM) auction, securing a 15-year contract starting in November 2027. Designed to deliver essential flexibility services to the Belgian grid, enabling greater integration of renewable energy and supporting grid stability at national level, the BESS will be based on NHOA Energy’s NHEXUS platform, including 88 battery containers capable of providing up to 4 hours of discharge, corresponding to the average daily electricity demand of over 38,000 households. The project marks a significant new milestone in expanding the collaboration betw
2025 Sees Double-digit Increase in Tourists' Spending via Alipay+ in South Korea as Travellers Seek More Local Experiences9.12.2025 08:55:00 EET | Press release
Alipay+, Ant International’s global wallet gateway services, revealed an 18% increase in Alipay+-supported QR code payment transactions, with total payment volume (TPV) growing 16% year-on-year in South Korea, as more tourists use Alipay+ partner wallets and bank apps to make digital payments for a range of services, from beauty clinic treatments and transportation to night market food stalls. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251208351936/en/ Weixiao Jiang, General Manager North Asia and North America, Alipay+, Ant International South Korea is among the top destinations for tourists from regions such as Southeast Asia and the Chinese mainland, with the greatest number of tourists making transactions supported by Alipay+ in cities like Seoul, Jeju Island and Busan. In 2025, Alipay+ transactions for beauty clinic treatments, transportation and F&B were among the fastest-growing categories for tourists. Apart from
Interactive Brokers Expands Market Access with United Arab Emirates Equities9.12.2025 08:00:00 EET | Press release
Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced the introduction of United Arab Emirates (UAE) equities through two leading exchanges in one of the world’s fastest-growing economic regions. Clients of Interactive Brokers worldwide can now access the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM). This enables investors in the region to trade both local and international markets from a single platform while investors worldwide can build diversified portfolios across asset classes and geographies, including countries in the growing Gulf Cooperation Council (GCC). Interactive Brokers serves a global client base and is uniquely equipped to advance the financial goals of individual and institutional investors worldwide, including those in the Middle East. Adding UAE stocks further expands Interactive Brokers’ market access and enhances the investment opportunities available to local and global investors. Interactive Broker
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