Boston Metal: Raises $120M in Series C Financing

Boston Metal Raises $120M in Series C Financing

• Boston Metal, a Boston, MA-based company developing technology to decarbonize steel production, raised $120M in Series C funding
• The round was led by ArcelorMittal S.A. (NYSE: MT), through its XCarb® Innovation Fund, with participation from Microsoft’s Climate Innovation Fund and SiteGround Capital, alongside current investors
• With the closing, Irina Gorbounova of ArcelorMittal and Rick Cutright of current investor OGCI Climate Investments joined the company’s board of directors
• The company intends to use the funds to expand scale-up of green steel production at its pilot plant and support construction of first commercial plant in Brazil for high-value metals production
• BostonMetal is a metals technology solutions company that is commercializing Molten Oxide Electrolysis (MOE), a patented tonnage metals production platform powered by electricity
• The company’s MOE platform uses renewable electricity to convert all iron ore grades into steel through an energy efficient, one-step process