Boston Metal, a company working to fully decarbonize steel production, Friday announced a
Investors include Microsoft's
"Our technology is designed to decarbonize steel production at scale. We believe we have the experienced team, strong financial backing, and the innovative technology required to disrupt the industry," said Boston Metal CEO
According to Boston Metal, its patented molten oxide electrolysis process is being commercialized to produce both green steel and high-value metals like tin and niobium. The investments will increase green steel production at a pilot facility outside
The money will also support building a manufacturing facility at Boston Metal's Brazilian subsidiary Boston Metal do Brasil.
"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, said ArcelorMittal CEO
He said his company is impressed by Boston Metal's passion and vision as they contribute to the decarbonization of steel production.
"The technology Boston Metal is developing has the potential to deliver affordable green steel at scale, helping to drive cross-industry decarbonization, which is increasingly critical for companies with carbon reduction targets, such as Microsoft,"
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