Boston Metal, a pioneering startup in the realm of sustainable metallurgy, has successfully raised $75 million in its latest funding round, as reported by MIT Technology Review. Known primarily for its innovative approach to reducing the environmental impact of steel production—an industry contributing approximately 8% of global greenhouse gas emissions—this infusion of capital will allow the company to diversify its focus and strengthen its operations amidst a challenging landscape for industrial decarbonization in the United States.
The latest funding will support Boston Metal’s ongoing efforts in Brazil, where its subsidiary, Boston Metal do Brasil, is establishing a commercial facility dedicated to the production of critical metals such as niobium, tantalum, and tin. CEO Tadeu Carneiro highlighted that this facility is essential for the company’s future, especially following financial hurdles caused by an industrial accident earlier this year. The funding will not only aid in the operational support of the Brazilian facility but also facilitate the company’s ambitions to produce other valuable metals like vanadium, nickel, and chromium.
Boston Metal utilizes a cutting-edge technique known as molten oxide electrolysis (MOE) to extract metals from ore. This process involves passing an electric current through a reactor containing dissolved ore in a molten electrolyte, reaching temperatures of around 1,600 °C (3,000 °F) to induce chemical reactions that yield the desired metals. After a successful pilot run in Woburn, Massachusetts, where approximately one ton of steel was produced, the company’s sights are now set on higher-value metals. For instance, niobium plays a crucial role in steel alloys and aerospace applications, while tantalum is essential for medical devices and electronics. The Brazilian plant, which faced delays due to equipment issues earlier this year, is expected to commence operations by September 2026 with the help of this new funding.
Source: Green steel startup Boston Metal is doubling down on critical metals via MIT Technology Review