BMW Invests in Boston Metal for CO2 Free Steel Production
Global auto giant German BMW Group is systematically implementing its sustainability goals. The company is investing in an innovative method for CO2
Global auto giant German BMW Group is systematically implementing its sustainability goals. The company is investing in an innovative method for CO2 free steel production developed by American startup Boston Metal, through its venture capital fund, BMW i Ventures. The BMW Group established close contact with Boston Metal already last year in the context of its own research activities and through the BMW Startup Garage. The company is now investing in the startup as part of its i Ventures activities. Over the coming years, Boston Metal plans to expand the new method for steel production on an industrial scale. The investment is part of the BMW Group’s far reaching sustainability activities aimed at significantly reducing CO2 emissions across the supplier network.
Boston Metal is a global metals technology solutions company that is commercializing molten oxide electrolysis, 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.
The blast furnaces used in conventional steel production generate carbon dioxide. The startup Boston Metal uses electricity for its new technology, which, by means of an electrolysis cell, produces molten iron that is later processed into steel. If electricity from renewable energies is used for this process, then steel production is carbon free. The young company will build demonstration facilities for this process over the next few years and further develop it for use on an industrial scale.
With its versatile properties, steel is one of the most important materials in car production and will be no less important for future vehicle generations. Even with the dynamic ramp-up of electromobility, steel will remain an important building material for car bodies and many components. BMW Group press plants in Europe process more than half a million tonnes of steel per year.