Frequently Asked Questions

Boston Metal’s critical metals business directly addresses the surging market demand for critical materials by enabling the efficient recovery of high-value metals from a wide range of feedstocks and boosting yields and lowering capital costs to create new commercialization opportunities for low-grade mineral projects.

Our patented technology — Molten Oxide Electrolysis or MOE — selectively extracts valuable metals from inputs like mining and industrial waste, turning liabilities into new revenue opportunities.

Check out our MOE Critical Metals page to learn more.

MOE creates a scalable, cost-effective pathway to recover high-value metals from diverse feedstocks, including low-grade materials and mining and industrial waste streams. MOE can also boost yields and decrease capital costs for low-grade mineral projects. These applications of MOE can unlock new supply, support industrial onshoring and strengthen access to materials needed for advanced technologies, manufacturing and digital infrastructure.

MOE is designed to operate across a wide range of metal oxides and types of feedstocks. For critical metals production, that can include low-grade mineral resources, metallurgical waste streams, industrial waste streams and other complex materials that may be difficult or uneconomic to process using conventional methods.

Visit the MOE Critical Metals page to explore the full range of high-value metals Boston Metal is focusing on for efficient, cost-effective production using MOE.

When we say that MOE is a platform technology, it indicates that our technology — Molten Oxide Electrolysis — can operate across a wide range of metal oxides, enabling production from diverse feedstocks and creating opportunities across critical metals, steel and other metals over time. For more details, visit our MOE Critical Metals page here.

Our electrolysis process uses clean, renewable electricity instead of coal to directly convert all grades of iron ore into pure liquid metal. MOE creates a pathway for steel production without CO₂ emissions or any need for hydrogen infrastructure, carbon capture or process water, eliminating the complexity and constraints of other multi-step technologies.

Within an MOE Steel cell, an inert anode is immersed in an electrolyte containing iron ore and is electrified. Once the cell reaches 1600 °C, the electrons split the bonds in the iron oxide in the ore, releasing oxygen gas and clean, high-purity liquid metal that can be tapped at the bottom of the cell. No carbon dioxide or other harmful byproducts are generated.

The high-quality molten metal tapped from an MOE cell can be sent directly to ladle metallurgy. As a whole, the MOE Steel process replaces multiple carbon-intensive steps of the traditional steelmaking method: coke production, iron ore sintering and pelletizing, blast furnace reduction and basic oxygen furnace refinement.

The basis of Boston Metal’s patented Molten Oxide Electrolysis (MOE) platform technology was developed at MIT. The company was founded in 2013 and since then we have explored a range of applications for MOE.

Metals industry veteran Tadeu Carneiro joined Boston Metal as CEO in 2017. After raising $25M in our 2018 Series A, we secured an additional $60M in Series B funding in 2021. We launched our subsidiary Boston Metal do Brasil to grow our critical metals business in 2022.

In January 2023, the VC arms of ArcelorMittal and Microsoft joined the first close of Boston Metal’s $120M Series C funding round, which was the second-largest Series C of Q1 in 2023. We welcomed our first institutional investor when IFC invested $20 million in May 2023. In September 2023, we unveiled a $122M increase in Series C funding, led by Aramco Ventures. Subsequently, in January 2024, we announced an additional $20M Series C2 investment from Tokyo-based Marunouchi Innovation Partners.

We successfully commissioned a multi-inert anode MOE industrial cell for clean steel production at our Woburn, Massachusetts facility in 2025, the same year we announced a $51M convertible note investment.

In 2026, $75M was raised to scale MOE Critical Metals.

For a more detailed breakdown, take a look at the company timeline.

We currently over 200 employees in the United States and Brazil.

We’re proud to be backed by a world-class investor syndicate that includes Breakthrough Energy Ventures, IFC (the private sector arm of the World Bank), ArcelorMittal XCarb® Innovation Fund, Microsoft Climate Innovation Fund, Aramco Ventures, Marunouchi Innovation Partners, M&G Investments, Goehring & Rozencwajg, Prelude Ventures, Engine Ventures, Climate Investment, Vale, Fine Structure Ventures, Energy Impact Partners, BHP Ventures, Tata Steel Limited, Piva Capital, SiteGround and BMW i Ventures.

We have raised over $500M as of April 2026.

As a private company, Boston Metal is not listed on any stock exchanges.

Yes. Learn more about the Boston Metal Integrated Management System Policy here.