2023 Triumphs: Boston Metal's Green Steel Revolution

Boston Metal
Boston MetalImage Source: Boston Metal


In 2023, Boston Metal accelerated its mission towards a decarbonized green steel future. A $260 million Series C funding, global recognition, and strategic partnerships marked pivotal moments. With doubled personnel and expanding facilities, the company stands at the forefront of sustainable metals processing. Awards like Cleantech 100 Company of the Year solidify its position, while government support and global investments underscore Boston Metal's commitment to revolutionize steelmaking.


Boston Metal, a trailblazer in green steel production, witnessed remarkable achievements in 2023. The year commenced with a groundbreaking $120 million Series C fundraising round, attracting investments from industry giants like ArcelorMittal and Microsoft’s Climate Innovation Fund. This infusion catalyzed the expansion of green steel production, including a high-value metals facility in Brazil.

A subsequent funding round in September raised an additional $140 million, with Aramco Ventures joining as a new investor. Noteworthy was The World Bank's International Finance Corporation's (IFC) $20 million contribution, marking its first direct investment in deep technology. This underscored Boston Metal's global recognition and the technology's potential for sustainable steelmaking.

International recognition shone bright as Boston Metal welcomed dignitaries, including the Governor of Minas Gerais and Massachusetts' Secretary of Economic Development, solidifying a cooperation agreement for the implementation of Molten Oxide Electrolysis (MOE) technology in Brazil. The U.S. Department of Energy's selection of Boston Metal for a new plant in West Virginia emphasized the company's role in onshoring critical material production.

Accolades poured in, with Boston Metal named the 2023 Cleantech 100 Company of the Year and its CEO, Tadeu Carneiro, honored in the Boston Globe's 2023 Tech Power Players 50. Inclusion in the Norrsken Impact 100 List and NECEC Emerging Company of the Year showcased the company's innovative contributions to sustainable metals production.

The team expanded rapidly, reaching 198 employees globally, a testament to the growing demand for Boston Metal's technology. New board members, Rick Cutright and Irina Gorbounova, added expertise in climate solutions and steel decarbonization, guiding the company toward commercialization and scaling its green steel solution.

As Boston Metal looks ahead to 2024, the company remains dedicated to advancing its technology, expanding its global presence, and leading the charge in decarbonizing steelmaking and promoting sustainable metals production.


In 2023, Boston Metal achieved significant milestones in its mission to revolutionize steelmaking. With substantial funding, global recognition, and strategic partnerships, the company stands as a leader in sustainable metals processing. Awards and government support underscore its commitment, while a growing team positions Boston Metal for continued success in advancing green steel production.

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