Metals technology company Boston Metal is nearing commercialization of its "green steel" technology after closing its most recent funding round at $262mn.
The latest round of funding will support the demonstration and commercialization of Boston's prospective molten oxide electrolysis (MOE) technology that the company said will decarbonize steelmaking.
Boston Metal is set to begin demonstration next year at its pilot facility in Boston, Massachusetts.
Investors include Microsoft's Climate Innovation Fund, state-controlled Saudi Aramco, steelmaker ArcelorMittal and various investment groups.
MOE uses renewable electricity, instead of fossil fuels, to convert iron ore into steel, and once the process reaches commercialization in 2026, it will have the potential to eliminate nearly 10pc of global carbon emissions, Boston said. The process eliminates coke production and reduces blast furnace use in steelmaking.
Additionally, MOE can be used to produce metals like tin and niobium, and Boston Metal has a project in Brazil to extract these metals.
