Boston Metal Raises $120M for Fossil-Free Steel Technology
- 03-Feb-2023 4:28 PM
- Journalist: Rene Swann
U.S.: Boston Metal, the MIT spinout designed to reduce emissions from Steel manufacturing, saw a major victory on Friday with their successful $120 million Series C funding round. This financial injection will allow them to expand their green Steel production and create new job opportunities both in Massachusetts and further around the world.
International Steel giant ArcelorMittal just took the lead in a major investment round, with Microsoft’s Climate Innovation Fund and SiteGround Capital following closely behind. This brings Boston Metal's total funding to an impressive $200 million since its beginning in 2012 at an MIT lab.
“In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionize Steelmaking,” Aditya Mittal, CEO of Luxembourg-based ArcelorMittal, stated in a statement.
Every year, manufacturers produce approximately 2 billion metric tons of Steel. It is a hardy material that is used to make many household items such as refrigerators, washing machines, and cars. Steel is also used in infrastructure components like bridges, railway tracks, and roads. Most Steel production nowadays occurs in furnaces which burn coal and then melt down iron ore.