Boston Metal, a company specializing in metals technology solutions based in Boston, USA, has successfully raised $20 million in its Series C2 funding round.
This latest round of funding, which brings the company’s total funding to $282 million, was spearheaded by Marunouchi Innovation Partners.
The primary objective behind this funding infusion is to bolster Boston Metal’s presence in the Asian market while also expediting its journey towards commercialization. The funds will also be allocated towards supporting the company’s ongoing expansion initiatives.
Under the leadership of CEO Tadeu Carneiro, Boston Metal is actively engaged in the commercialization of Molten Oxide Electrolysis (MOE), a groundbreaking technology platform that utilizes electricity to transform the steelmaking process, thereby reducing carbon emissions. MOE offers the metals industry a scalable and environmentally friendly solution for producing steel and high-value metals from various feedstocks and iron ore grades.
Boston Metal, which operates a wholly owned subsidiary in Brazil, anticipates commencing revenue generation from its high-value metals business as early as 2024.
Commenting on the news, Tadeu Carneiro said: “Despite the challenging market conditions, Boston Metal’s valuation continues to increase while our persistent ability to secure funding from top-tier investors demonstrates the robust confidence in our vision and capabilities.”
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By Proptechbuzz
By Ravi Kumar
