Boston Metal receives $120m in green steel funding round

Boston Metal receives $120m in green steel funding round

Clean steel technology company Boston Metal, which spun out of Massachusetts Institute of Technology, has announced a $120 million funding round, led by ArcelorMittal and Microsoft co-founder Bill Gates’ investment fund, Breakthrough Energy Ventures.

Gates has for years emphasized the need to think about decarbonizing the manufacturing sector. “Whenever I hear an idea for what we can do to keep global warming in check — whether it’s over a conference table or a cheeseburger — I always ask this question: ‘What’s your plan for steel?’” Gates wrote on his own blog in 2019.

With the funding, Boston Metal will ramp up production of green steel at its pilot facility on Woburn, Massachusetts, and support the construction of its Brazilian subsidiary, Boston Metal do Brasil, where the company will manufacture various metals.

Read more from Steel Times International

Date posted 31/01/2023


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