ArcelorMittal’s Irina Gorbounova and OGCI Climate Investments’ Rick Cutright Join Boston Metal’s Board of Directors

Features Published: February 6, 2023

Boston Metal is excited to welcome ArcelorMittal’s Irina Gorbounova and OGCI Climate Investments’ Rick Cutright to our board of directors. The seasoned venture capitalists joined us following the first close of our Series C funding round, led by ArcelorMittal’s XCarb® Innovation Fund. Their deep experience working with companies developing disruptive climate solutions will provide instrumental support as we move into the commercialization phase of our high-value metals business and scale our green steel technology.

Irina Gorbounova

As head of ArcelorMittal’s XCarb® Innovation Fund, Irina Gorbounova will bring her expertise in accelerating the progress of steel decarbonization technologies to our board, along with her experience in mergers and acquisitions.

“There are several key questions we ask ourselves when making investments through our XCarb® Innovation Fund,” Gorbounova said. “Does the technology have the potential to make a meaningful impact on the decarbonization of our industry? Is it scalable? How unique is it, and what are the barriers to entry? What’s the management team’s track record? The fact that we made our single largest initial investment through the fund into Boston Metal tells you the conclusions we came to. We are excited about their potential and their vision, and are here to lend our expertise to support their journey. I am honored to join the board.”

Rick Cutright is the technology director at OGCI Climate Investments, a firm that invests in innovations, technologies, and projects that are decarbonizing hard-to-abate sectors like steel. He joins our board of directors after serving as a board observer since 2019.

“Boston Metal has built an incredible team that has been making significant progress advancing its disruptive technology since we first invested in its Series A,” Cutright said. “We’re very excited to continue to be part of this next important phase.”

Rick Cutright

We are proud of the milestones we reached in just the first month of 2023. In January, our subsidiary Boston Metal do Brasil signed an MoU with Mineração Taboca S.A., we won the Cleantech Forum North American Company of the Year award, and we announced the $120 million first close of our Series C funding round. With these latest board appointments, we are well positioned to increase the momentum in the months ahead.

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.

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