Boston Metal
Boston Metal is commercializing Molten Oxide Electrolysis (MOE) technology to decarbonize steelmaking and transform metals production, with operations in both the United States and Brazil.
Molten Oxide Electrolysis (MOE) Technology
Boston Metal is pioneering the commercialization of Molten Oxide Electrolysis (MOE) technology to decarbonize steelmaking. MOE technology offers a scalable, cost-competitive, and modular solution for producing green steel from all grades of iron ore. Using electricity, MOE technology can reclaim valuable metals from mining waste, eliminating the need for coal, process water, hazardous chemicals, or precious-metal catalysts. MOE technology cells produce pure liquid iron that integrates seamlessly into conventional downstream steelmaking processes. Boston Metal aims to commercialize MOE by 2026 to meet the global demand for green steel.
Boston Metal Do Brasil
Boston Metal operates a wholly owned subsidiary, Boston Metal do Brasil, in Coronel Xavier Chaves, Minas Gerais, Brazil. This subsidiary focuses on commercializing MOE technology within the metals and mining industry, offering a sustainable and profitable solution. Boston Metal do Brasil is particularly engaged in utilizing MOE technology to recover valuable metals from mining waste. Operational since 2023, the facility in Brazil is set to expand by 2025 to incorporate additional feedstocks and target metals.
Funding and Investments
Boston Metal has successfully raised substantial funding across multiple rounds. This includes $25 million in a Series A round in 2018, $60 million in a Series B round in 2021, and a total of $242 million from Series C funding rounds in 2023 and early 2024. This brings the company's total funding to $370 million as of January 2024. Investors include notable names such as Breakthrough Energy Ventures, IFC, ArcelorMittal XCarb® Innovation Fund, Microsoft Climate Innovation Fund, and several others.
Green Steel Business Model
Boston Metal's business model focuses on licensing its MOE platform technology to steelmakers rather than producing steel themselves. By replacing fossil fuels with renewable electricity and leveraging an efficient, one-step process, the company meets global demands for greener and more cost-effective steel production. Additionally, Boston Metal manufactures and markets its metallic inert anodes as part of its offering. The company's green steel business is set to provide tangible benefits to the metals industry by 2026.
High-Value Metals Production
Boston Metal's high-value metals business is designed to produce revenue starting in 2024. By using MOE technology, the company can selectively extract valuable metals from complex, low-concentration materials currently deemed as waste. The technology is modular and scalable, allowing for customized solutions in high-value metals production. This initiative aims for further expansion by 2025 to incorporate additional feedstocks and target metals, providing a more efficient and greener solution for the industry.