Boston Metal announced that it raised USD 50 million in Series B funding, positioning the company to accelerate industrial-scale deployments of its molten oxide electrolysis technology towards emissions free steel. The financing was led by Piva Capital, BHP Ventures and Devonshire Investors, the private investment firm affiliated with FMR LLC, the parent company of Fidelity Investments. Existing investors Breakthrough Energy Ventures, Prelude Ventures, OGCI Climate Investments, and The Engine also participated in the round, reflecting strong ongoing support for the company and its recent progress.
Boston Metal’s MOE technology uses electricity to transform metals from a raw oxide form into high-purity molten metal products, facilitating CO2 emissions-free steel production from a wide array of iron ores in a potentially more efficient, less costly and more sustainable approach.
Building on the momentum of its Series A in 2018, this new funding round will allow Boston Metal to validate its patented inert anode technology at industrial-scale, further expand its world-class team, and begin to deploy its MOE technology with customers, starting with high-value ferroalloy production as it advances toward steel applications.
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 feed stocks. Boston Metal works closely with customers to tailor the MOE technology for specific alloys, feed stocks, and business needs