Boston Metal closes latest round of funding for $262 million
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Update time : 2023-09-11 16:58:19
Boston Metal, an American technological solutions company for the metallurgical sector, closed its most recent funding round for US$262 million.
The company said the latest round of funding will primarily be used to scale its decarbonization technology for commercial use and hire more employees globally. It has already demonstrated that its molten oxide electrolysis process works for ferroalloys, but the next step will be to demonstrate that it can convert iron ore into steel for the traditional steelmaking process at scale.
Boston Metal is on track to ship the first high-value metals in 2024 and hopes to bring its process to market by 2026, helping the industry achieve the net-zero commitments by 2050.
