Dealflow | September 7, 2023

Boston Metal hauls in $262 million for green steel and metals

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, Aug. 7 – Boston Metal’s electro-chemical process turns iron ore into liquid metal, streamlining zero-emission steel production without the use of coal. The same renewable energy-powered technology can also recover valuable metals from mining waste.

The Boston-based startup expects to deploy its green steel technology commercially by around 2026; a commercial facility for metals recovery is opening in Brazil this year.

The diverse mix of investors in Boston Metal’s Series C financing includes ArcelorMittal, BHP Ventures, Breakthrough Energy Ventures, Microsoft’s Climate Innovation Fund, Prelude Ventures, IFC, Aramco Ventures and M&G Investments.  


The funding is the latest in the high stakes race to decarbonize heavy industry such as steelmaking, which accounts for about 10% of global emissions.

Sweden’s H2 Green Steel, which uses green hydrogen to replace coal, raised $191 million from investors including Al Gore’s Just Climate last October. H2 is building a first-of-its-kind green steel plant in Sweden.

In early August, US-based Hybar snagged $700 million in debt and equity for a solar-powered recycled steel plant in Arkansas.

Boston Metal “has the potential to decarbonize steelmaking at scale while delivering significant value and sustainability benefits for the metals industry,” said Carmichael Roberts of Breakthrough Energy Ventures.