Boston Metal Expands Series B to Deliver Emissions-free Steel
Vale and Energy Impact Partners join BHP, Piva, and Devonshire Investors
Boston Metal, the company delivering a future where steel production is emissions-free, today announced that Vale and Energy Impact Partners have joined its Series B fundraising, closely following a $50M close announced in January.
“Boston Metal’s mission is to deliver emissions-free steel at global scale,” said Tadeu Carneiro, Chairman and CEO of Boston Metal. “Iron ore and clean electricity are the primary inputs into the MOE process and will heavily influence the design of our technology and our strategy. We are thrilled to add Vale and BHP, two of the largest iron ore companies, and Energy Impact Partners, a leading energy transition investor, to our world-class syndicate of investors and partners.”
The company’s Series B also includes new investors BHP Ventures, Piva Capital, and Devonshire Investors, the private investment firm affiliated with FMR LLC, the parent company of Fidelity Investments, alongside existing investors Breakthrough Energy Ventures, Prelude Ventures, OGCI Climate Investments, and The Engine. The Series B will allow Boston Metal to validate its patented inert anode technology at industrial-scale, further expand its team, and deploy its molten oxide electrolysis (MOE) process with customers, starting with high-value ferroalloy production as it advances toward steel applications.
“We are excited with our investment in Boston Metal – it is an important stepping stone to the development of our portfolio of innovative technologies to provide decarbonization solutions,” said Rogério Nogueira, Vale’s Marketing Director.
“Abundant, affordable, clean electricity will be the hallmark of our future energy supply,” said Shayle Kann, Partner at Energy Impact Partners. “Boston Metal is the only company taking advantage of this macro phenomenon to electrify and revolutionize steelmaking, one of the largest industries in the world.”