Boston Metal has announced a $120 million first close of its Series C financing

27 January 2023

Climate Investment

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Boston Metal, a Climate Investment (CI) portfolio company since 2019, has announced a $120 million first close of its Series C financing, targeted to expand the scale-up of green steel production at the company’s pilot plant and support construction of the first commercial plant in Brazil for high-value metals production.

CI has participated in this round, which was led by multinational steel company, ArcelorMittal S.A. (NYSE: MT). Microsoft’s Climate Innovation Fund and SiteGround Capital also joined as new investors, alongside current investors.

With the closing, CI’s Technology Director, Rick Cutright, has joined Boston Metal’s board of directors.

“Boston Metal has built an incredible team that has been making significant progress advancing its disruptive technology since we first invested in its Series A,” he noted. “We’re very excited to continue that investment and be part of this next important phase of the company’s growth as it builds capacity that will revolutionize the steel industry and support a net zero economy.”

Boston Metal, recently named in the Global Cleantech 100 list for the fourth consecutive year, was also crowned 2023 North American Company of the Year by the Cleantech Group. Out of over 15,000 nominations, it is the only company to win the award – clear testament to its unique approach to decarbonizing the steel industry.

Read more about the announcement here