2024: A Year of Key Milestones and Strategic Growth

Marked by the inauguration of our high-value metals facility, prestigious accolades and continued company expansion, 2024 served as another year of strategic growth for Boston Metal. As we move full speed ahead into 2025, we remain focused on our mission to decarbonize steelmaking and advance efficient, sustainable metals production, building on this year’s successes for an even greater year ahead.

“2024 marked a pivotal year for Boston Metal, underscored by substantial progress in our high-value metals business, which is crucial in propelling our green steel technology forward. The next year promises to be even more significant as we accelerate our commercial impact across industry. Because of our talented and hard-working team, we are reshaping the future of steel and metals production.”

Tadeu Carneiro, Chairman & CEO, Boston Metal.

To kickstart 2024, Boston Metal secured an additional $20 million in funding, bringing our Series C round to $282 million. Setting the stage for the new year, the follow-on investment from Tokyo-based Marunouchi Innovation Partners in January further demonstrated the robust confidence in our vision and capabilities from top-tier investors, despite challenging market conditions.

A major milestone for Boston Metal’s technology and operations, in March, we celebrated the inauguration of our Brazilian Subsidiary—Boston Metal do Brasil—for our high-value metals business, surrounded by stakeholders and other special guests including Minas Gerais Governor Romeu Zema. At this facility, our Molten Oxide Electrolysis (MOE) platform technology is extracting high-value metals from mining waste – empowering mining companies to recover value from a liability while advancing a circular economy for the metals industry.

We were incredibly proud to have shared this milestone with our investors, employees and local authorities, who could all see firsthand our custom-built facility and cutting-edge MOE platform technology that is transforming how metals are made. Despite being a major accomplishment on our path to commercializing MOE for green steel, this progress is just the beginning. We are rapidly expanding our operations in Brazil, and the early revenue streams from our high-value metals business will support the scaling up of our steel decarbonization technology.

Boston Metal was recognized for our market leadership and commitment to innovation, earning a place on multiple prominent 2024 award lists. First, our MOE platform technology was selected as the winner of the climate category for Fast Company’s World Changing Ideas Awards. This program recognizes the organizations developing innovative solutions to the most important issues of our time. This was followed by Boston Metal being named to the TIME100 Most Influential Companies list, an expansion of the iconic TIME100 franchise that highlights 100 companies making an extraordinary impact around the world. Additionally, our CEO, Tadeu Carneiro, was named to the inaugural Forbes Sustainability Leaders list, which highlighted 50 pioneers from around the world who are leading the charge to combat the climate crisis with real, tangible impact.

Other notable moments from 2024 include showcasing our technology at the Breakthrough Energy Summit in London that brought together global leaders advancing climate innovation and hosting Governor Maura Healey, along with other Massachusetts government officials, at our Woburn facility.“2024 marked a pivotal year for Boston Metal, underscored by substantial progress in our high-value metals business, which is crucial in propelling our green steel technology forward. The next year promises to be even more significant as we accelerate our commercial impact across industry. Because of our talented and hard-working team, we are reshaping the future of steel and metals production.”

To accommodate rapid company growth and accelerate the scale up of MOE, Boston Metal is thrilled to have rounded out an eventful year with the opening of a new facility in Woburn. In addition to providing a centralized workspace for our rapidly growing team, the new facility is representative of Boston Metal’s continued expansion and its commitment to the Commonwealth of Massachusetts—where steel was first manufactured in North America in 1640. Globally, we are excited to have officially surpassed 300 employees, with roughly two-thirds of our team based in the U.S. and the remainder in Brazil.

Take a look back at some of the highlights from 2024: