Leadership Reflects on Series C Close and the Road Ahead

Features Published: September 18, 2023

Our recent $262 million Series C fundraise is a testament to the growing demand for economically viable decarbonization solutions for steel. Boston Metal’s diverse group of investors believe we have the right leadership, technology and strategy to successfully transform steel and metals production for a sustainable future. While this funding provides multiple years of runway for our current business objectives and will see us through important milestones for our green steel program and realizing revenue for high-value metals production, there is still much work to be done.

Here’s what the leadership team behind the Series C funding round had to say about the significance of this milestone, their approach to growth and their vision for Boston Metal moving forward.

Tadeu Carneiro

Chairman & CEO

How would you characterize your approach to fostering a culture of innovation and continuous improvement?

While attracting high-quality talent is critical, retainment is necessary for any company’s success. For there to be an environment for innovation, there needs to be open, two-way communication. There’s no such thing as a bad idea; everyone should feel empowered to bring new ones to the table. It is also management’s responsibility to provide consistent feedback, sharing not only how an individual is performing, but how the company is doing as a whole. To that end, wins should be celebrated, peer recognition should be encouraged and transparency should be a hallmark of the company culture.

What is your vision for the company over the next 12 months?

Our priority for the next year is consolidating our Brazilian operations for the high-value metals business and running the first multi-anode semi-industrial cell for green steel at our Woburn, MA pilot facility.

What career lessons are you applying to your leadership strategy?

There are three main lessons I keep top of mind. The first is to establish a focus and stick to it. For example, while MOE can be used for many metal systems, we won’t be successful if we pursue every application imaginable. That’s why we decided to focus on decarbonizing steel. Understanding your focus area, and attacking it head-on is critical. The second is building integration among working groups and encouraging collaboration between them. The mantra should be: “the program is the boss”. Finally, and probably the most challenging to achieve, you must develop a culture of urgency that does not jeopardize safety or quality.

Fernanda Fenga

Senior Vice President, Corporate

What are your priorities over the next six months to expand the company?

My top priorities are continuing to build robust business functions and finalizing a mature company structure by strengthening our human resources program that allows us to continue attracting and retaining talent, reinforcing our internal systems that protect proprietary data and pursuing opportunities for non-dilutive funding for the company.

What stands out to you as Boston Metal’s greatest achievement so far?

I am most proud of the progress we have made in expanding Boston Metal do Brasil, our Brazilian subsidiary that is using MOE for high-value metals production. We have been able to demonstrate MOE’s potential while also driving revenue for the company. Additionally, we are providing the mining sector with a tool to become more sustainable while increasing profitability and supporting economic development in emerging markets.

What do you think is Boston Metal’s biggest strength, and on the flipside, its biggest challenge?

Our biggest strength is the team. Everyone is highly qualified and motivated, bringing a range of invaluable expertise that allows us to innovate quickly. The biggest challenge so far is keeping up with our rapid pace of growth.

Adam Rauwerdink

Senior Vice President, Business Development

What criteria did you use to pursue the investors participating in this latest Series C round?

Maintaining the high caliber of our investor syndicate is important to us, and we’re pleased to welcome investors representing private equity, climate venture capital and the steel value chain with this new close. We sought partners that could expand the reach of Boston Metal into new and developing markets, and support the company as we go to market in Brazil and continue on our clear path to commercializing MOE for the steel industry.

What strategic objectives does Boston Metal aim to achieve with the funds raised in this round?

We have three key objectives: expand our high-value metals business with first shipments targeted for early 2024, commercially demonstrate MOE for green steel production and grow our team globally.

How has the steel and metals market landscape evolved over the last few years?

It’s incredible how quickly and strongly the demand for green steel has grown in just the past two to four years. We’re seeing it from the demand-side from automakers like our investor BMW, and it’s trickling down through the entire supply chain, as seen with our investor partnerships with BHP, Vale and ArcelorMittal. Everyone is fully on board and this shows up in our investor syndicate.

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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