Green Steel Technology Company Boston Metal Announces $120M Series C Financing Led by ArcelorMittal
27.1.2023 08:01:00 EET | Business Wire | Press release
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
Telekom Srbija Secures U.S. EXIM Financing to Accelerate 5G Rollout8.5.2026 12:48:00 EEST | Press release
Telekom Srbija Group today announced that the Export-Import Bank of the United States (EXIM) has granted final approval for financing to support the continued rollout of Telekom Srbija’s 5G network. The EXIM-supported financing will help fund the deployment of 5G telecommunications network equipment and related services in Serbia, supplied by U.S. technology companies. It marks a major milestone in Telekom Srbija’s long-term investment programme and strengthens the company’s relationship with leading U.S. financial and technology institutions. Telekom Srbija launched commercial 5G services in Serbia in December 2025 and is continuing to expand coverage nationwide. The company is targeting 5G coverage across all Serbian cities by the end of 2026, with full national coverage by the end of 2027. The financing follows EXIM’s preliminary commitment in December 2024 to support the preparation and rollout of Telekom Srbija’s 5G network, and marks a further step in Telekom Srbija’s cooperation
Philip Morris International’s Moira Gilchrist Positions Human Judgment as a Critical Leadership Advantage Amid Rapid AI Adoption at Wall Street Journal Forum8.5.2026 11:00:00 EEST | Press release
Philip Morris International’s (PMI) (NYSE:PM) Chief Global Communications Officer, Moira Gilchrist, joined global thought leaders at The Wall Street Journal’s Future of Everything conference in New York to examine why human cognition—judgment, context, creativity, and ethical reasoning—is becoming the most valuable asset in an age of artificial intelligence. “The AI boom is putting a premium on distinctly human capabilities,” said Gilchrist, who took part in the session “Cognition: The New Currency – Why Human Judgment Matters More Than Ever.” Speaking to attendees, she emphasized that, “As knowledge is getting democratized, human judgment, intuition, and creativity become the true differentiators that leaders need to nurture across all levels of their organizations.” Philip Morris International is today a different company, built with a singular objective: achieving a smoke-free future. It has evolved its product portfolio, reskilled its workforce, and adopted new ways of working to e
Fortegra Appoints Iwan Röpcke as Chief Executive Officer, Belgium8.5.2026 10:30:00 EEST | Press release
The Fortegra Group, Inc., a global specialty insurer, today announced the appointment of Iwan Röpcke as Chief Executive Officer, Belgium. Mr. Röpcke brings more than 25 years of insurance industry experience to the role, spanning broking, commercial leadership, and executive management across the Benelux and broader European markets. He joins Fortegra from Lloyd’s Insurance Company S.A., where he served as Country Manager for Belgium and the Netherlands, building out the operation from its early stages and overseeing both business strategy and development. Prior to Lloyd's, Mr. Röpcke held senior leadership positions at Willis Towers Watson (via Gras Savoye), where he served as Head of Sales and Head of the Competence Center. His career also includes roles at Inter Partner Assistance (AXA Assistance) as Commercial Director Benelux, Winterthur Europe Assurances, AIG Europe, Aon Belgium, and Marsh. Mr. Röpcke’s industry expertise spans a range of specialty risk areas, with deep relations
KAYTUS Launches All-QLC Flash Storage at AI EXPO 2026 for 10,000-GPU Clusters8.5.2026 10:02:00 EEST | Press release
At AI EXPO KOREA 2026, KAYTUS officially launched its All-QLC Flash Storage Solution, engineered to deliver high performance, massive scalability, and cost efficiency for 10,000-GPU clusters. The solution addresses data-delivery bottlenecks in ultra-large-scale AI training, helping maximize GPU resource utilization. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260508313130/en/ Based on the KR2280 and KR1180 server platforms, the solution is deeply integrated with industry-leading AI-native parallel file systems to eliminate data silos inherent in traditional tiered storage. Purpose-built for read-intensive AI workloads, it overcomes the horizontal scaling limitations of massive clusters. Verified test-data shows that, at exabyte-scale deployment, the solution delivers 10 TB/s aggregate bandwidth and 100 million IOPS. In addition, it reduces five-year TCO by 70% compared with traditional TLC-based solutions, accelerating mo
Beneq Appoints Dr. Jason Harrison as Chief Executive Officer8.5.2026 10:00:00 EEST | Press release
Beneq Oy, the home of atomic layer deposition (ALD), today announced the appointment of Dr. Jason Harrison as Chief Executive Officer. Dr. Harrison succeeds Dr. Tommi Vainio and will lead Beneq into its next phase of growth across semiconductor, optical, and emerging technology markets. A Strategic Leadership Transition Beneq enters its next phase of growth from a position of strong commercial momentum. Recent milestones include the qualification of the Beneq Transform® cluster tool for volume production of GaN power and RF filter devices; the introduction of Beneq Transmute™ and Beneq Transform® XP, both engineered for high-volume manufacturing (HVM) of specialty semiconductors; growing adoption of the P-Series for coating critical chamber parts in advanced node devices; and selection of the C2R™ for AR waveguide production in next-generation XR optics. Against this backdrop, the Board of Directors has determined that the time is right to align executive leadership with the company's
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