Boston Metal Notches $262 Million Funding Round for Clean Steel
One of green steel's biggest players gets a huge boost in its quest to decarbonize a heavily polluting industry.
A hot steel slab being rolled. Boston Metal is looking to decarbonize the process, which is responsible for 7% of the world’s carbon emissions.
Photographer: Roger Ball/Worldsteel/Getty Images North AmericaBoston Metal, a startup that has developed a method to make low- or no-carbon steel using electricity, said it closed a third round of funding at $262 million.
The Boston-based company said the latest round of funding will be primarily used to scale its decarbonization technology for commercial use and hiring more employees globally. The company has already proven its process works for ferro-alloys — essentially steel that has other metals in it to make higher value metal — but the next step will be to show it can turn iron ore into steel for the traditional steelmaking process at scale.