Climate Investment ups its investment in Boston Metal
11 January 2021
Boston Metal has raised US$50 million in a second round of funding, positioning it to accelerate industrial-scale deployments of its technology towards emissions-free steel.
OGCI Climate Investment participated in the round, alongside other existing investors and three new investors, Piva Capital, Fidelity and BHP Ventures.
Boston Metal’s molten oxide electrolysis (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.
This new funding round will allow Boston Metal to validate its patented inert anode technology at industrial scale and begin to deploy its MOE technology with customers, starting with high-value ferroalloy production as it advances toward steel applications.
Boston Metal joined the Climate Investment portfolio in 2019.