Boston Metal expands Series B to deliver emissions-free steel

Feb 9, 2021 – Vale and Energy Impact Partners join BHP, Piva, and Devonshire Investors

February 9, 2021

BOSTON – 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.”

About Boston Metal

Boston Metal is a global metals technology solutions company that is commercializing molten oxide electrolysis (MOE), a patented tonnage metals production platform. MOE provides the metals industry with a more efficient, lower cost, and greener solution for the production of a wide variety of metals and alloys from a wide variety of feedstocks. Boston Metal works closely with customers to tailor the MOE technology for specific alloys, feedstocks, and business needs. To learn more about Boston Metal, visit – www.bostonmetal.com

About Vale

Headquartered in Rio de Janeiro, Brazil and present on five continents, Vale is one of the largest metals and mining companies in the world based on market capitalization and one of the world’s largest producer of iron ore and nickel. It also produces iron ore pellets, manganese ore, ferroalloys, metallurgical and thermal coal, copper, platinum group metals (PGMs), gold, silver and cobalt. It is presently engaged in greenfield mineral exploration in five countries. Vale operates large logistics systems in Brazil and other regions of the world, including railroads, maritime terminals and ports, which are integrated with its mining operations. In addition, it has a distribution center to support the delivery of iron ore worldwide. Directly and through affiliates and joint ventures, Vale also has investments in energy and steel businesses.

About Energy Impact Partners

Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com

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