As stated by the IFC, Boston Metal was created in 2012 with technologies licensed from Massachusetts Institute of Technology. The Company patented the Molten Oxide Electrolysis (MOE), a technology that can be used to reduce the carbon footprint of steel production and to produce high-value metals, such as tin, tantalum and niobium.
Boston Metal is planning to ramp up production of steel at its new industrial demonstration plant, begin its construction in 2024 and start commercial operations in 2026. The location of the new plant has not been decided yet.
In 2022, Boston Metal established a subsidiary in Minas Gerais, Brazil, where MOE technology will be used to recover high-value metals from mining slag. The project will be built in the municipality Coronel Xavier Chaves. In addition to the plant, the project will include the civil works for the connection to the electrical grid which is located around 500 meters away from the project site.
The proposed IFC investment is a $20M equity investment as part of a Series C round to further develop and commercialize the MOE platform and expand BM’s operations in the United States and Brazil.
From the IFC's website:
Boston Metal was created in 2012 with technologies licensed from Massachusetts Institute of Technology.
The Series C round is led by ArcelorMittal, with participation from other investors, including Microsoft. Existing investors include strategic players such as Vale, BHP and BMW, climate-tech focused groups such as Energy Impact Partners and Breakthrough Energy Ventures, and deep-tech specialists such as The Engine.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||ArcelorMittal||Investor||Industry and Trade|
|-||-||-||-||Boston Metal||Client||Industry and Trade|
|-||-||-||-||Breakthrough Energy Ventures LLC||Investor||Energy|
|-||-||-||-||Vale SA||Investor||Industry and Trade|
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