Boston Metal spent the past year ensuring that we’re one step closer to a decarbonized green steel future, and our successes in 2023 confirm that we aren’t slowing down. This year, we doubled the size of our team, raised significant capital from world class investors and were selected for a U.S. Dept of Energy grant. 2023 was a year of strategic growth.
Another successful funding round
2023 kicked off with a major milestone – the successful close of the first round of our Series C fundraising, securing a substantial $120 million. This pivotal investment is driving the expansion of green steel production at our pilot facility and aiding in the development of our first full-scale green steel plant. Additionally, it supported the construction of our high-value metals facility in Brazil.
Notably, ArcelorMittal’s investment of $36 million through its XCarb® Innovation Fund, the fund’s largest single investment to date, underscores the potential and promise of our technology. Microsoft’s Climate Innovation Fund and SiteGround Capital also joined this round, aligning with their goals for carbon reduction and sustainability.
In May, we welcomed our first institutional investor, The World Bank’s International Finance Corporation (IFC) contributed $20 million, marking IFC’s first direct investment in deep technology. This support will help us enhance our Molten Oxide Electrolysis (MOE) technology by leveraging IFC’s expertise in global expansion and economic growth, particularly in Brazil and emerging markets.
In September, the final close of our Series C funding brought in an additional $140 million, with Aramco Ventures joining as a new investor. This continued support is a clear endorsement of Boston Metal’s MOE technology and its potential as the long term solution to decarbonize steelmaking across hard-to-abate sectors.
We recognize the challenging economic environment presented in 2023 and are emboldened from the support of our investors to drive forward our mission to decarbonize steelmaking and advance efficient, sustainable metals production.
International and U.S. recognition and growth
Another highlight of our year was the visit from the Governor of Minas Gerais, Romeu Zema, together with Massachusetts’ Secretary of Economic Development Yvonne Hao and Deputy Chief of Staff to Governor Healey, Marconi Almeida-Barros, at our facility in Woburn, Massachusetts, and the signing of a cooperation agreement focused on supporting Boston Metal do Brasil’s implementation of MOE technology to recover high-value metals from mining waste. This partnership is a testament to our commitment to sustainable metals processing and global expansion.
The U.S. Department of Energy’s selection of Boston Metal to establish a new plant in West Virginia is another exciting development and highlights the importance of onshoring the production of critical materials to meet the demand for a domestic supplier.
Boston Metal is proud to be named the 2023 Cleantech 100 Company of the Year by the Cleantech Group, a recognition distinguishing us across 15,753 nominations from over 93 countries for our unique approach to sustainable steel production. Our CEO, Tadeu Carneiro, was also honored in the Boston Globe’s 2023 Tech Power Players 50. This recognition reflects the company’s achievements under Tadeu’s leadership, including expanding the team, launching a subsidiary in Brazil and developing our innovative MOE technology for green steel production.
Being named as one of 100 Ways to Fix The Future on the Norrsken Impact 100 List also highlights our innovative contribution to sustainable metals production and its impact on addressing climate change. Receiving the NECEC Emerging Company of the Year and the Powerhouse Climate Tech Company of the Year from NEVY rounded out our significant acknowledgments by the climate tech sector and solidified us as a leader in the New England innovation community.
None of this would be possible without our incredible team, which nearly doubled this year, expanding to 198 employees worldwide – this rapid growth is a testament to the growing demand for our technology and the continued success of our subsidiary, Boston Metal do Brasil. We were also pleased to welcome new board members, Rick Cutright and Irina Gorbounova, whose expertise in climate solutions and steel decarbonization is invaluable as we transition to commercialization and scale our green steel solution.
We remain dedicated to advancing our technology, expanding our global presence and making significant strides in our mission to decarbonize steelmaking and advance efficient, sustainable metals production.
As we look ahead to 2024, there is no shortage of exciting developments for the Boston Metal team. Stay tuned!
About Boston Metal
Boston Metal is commercializing Molten Oxide Electrolysis (MOE), a tonnage metals technology platform powered by electricity, to decarbonize steelmaking and transform how metals are made. MOE provides the metals industry with a scalable, cost-competitive and green solution for the production of steel and high-value metals from a variety of feedstocks and iron ore grades. Backed by visionary investors and led by a world-class team, Boston Metal is headquartered in Woburn, Massachusetts and has a wholly owned subsidiary in Brazil.