Boston Metal is pleased to announce our first institutional funding from International Finance Corporation (IFC), a member of the World Bank and the largest global development institution focused on the private sector in developing countries.
IFC’s $20 million equity investment will support Boston Metal in scaling up our Molten Oxide Electrolysis (MOE) technology to decarbonize steel production and recover high-value metals from mining waste, and represents IFC’s first direct investment in “deep tech” solutions.
With the goal of encouraging private-sector development in underserved countries, the IFC’s investment represents the need for green steel in developing regions that are modernizing their economies and infrastructure, while also lowering carbon emissions. The new capital will particularly support our Brazilian subsidiary, Boston Metal do Brasil, as it builds the first MOE facility for high-value metals production.
Earlier this month, Brazilian state governor, Romeo Zema, signed a proclamation for a cooperation agreement between Boston Metal and the Minas Gerais state government that supports the implementation of MOE to recover high-value metals from mining waste in the state of Minas Gerais where we’re building a manufacturing facility. MOE promises to help the second largest producer of iron ore and other minerals in the world maintain its competitive edge as it embraces a sustainable future.
IFC joins a host of other leading investors that are confident in our technology and leadership, including Breakthrough Energy Ventures and the VC arms of Microsoft and ArcelorMittal. While IFC has been at the forefront of climate investment with a total of $4.4 billion of climate financing in 2022, Boston Metal is its first direct investment in “deep tech”, a category of startups that aim to develop and commercialize complex scientific or engineering discoveries to solve some of the world’s most challenging problems. We look forward to working with the IFC and leveraging its expertise in emerging markets to expand our global footprint, meet growing global demand for steel, and support economic development in Brazil and beyond, while advancing a net zero future. For more information, click here to read the announcement.