Boston Metal is making fossil fuel free steel. And some of the world’s largest venture capitalists are behind it.

What’s happening:

• Boston Metal, a startup focused on decarbonizing steel, has raised $236M in a Series C round to build their first of its kind facilities
• Notable investors in the round include the venture arm of Saudi Aramco, Breakthrough Energy Ventures, Microsoft’s Climate Innovation Fund and more

The big idea:

• The innovation process developed by Boston Metal is called ‘molten oxide electrolysis’ which leverages renewable energy to convert crude iron ore into molten iron
• The critical difference maker is this method of production avoids carbon dioxide emissions and does not generate any waste
• This is a stark contrast to traditional steel production which relies on coal and generates enormous amounts of emissions

Going deeper:

• Roughly two billion tons of steel are produced globally every year
• The carbon emissions from steel production alone contribute to approximately 10% of all carbon emissions globally
• Aside from steel production, Boston Metal has another innovative concept which is using their molten oxide electrolysis process to turn mining waste into an asset
• Their subsidiary in Brazil is able to extract valuable metals from complex, low concentration materials that are currently considered waste
• Metals recovery unlocks not only a potentially huge revenue stream for Boston Metal but could represent a paradigm shift for how mining companies handle their environmental responsibilities of dealing with waste

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