"Green" steel technology startup Boston Metal has received $120M in funding from steelmaker ArcelorMittal, Microsoft Corp's Climate Innovation Fund, and other investors.
The company, which developed its technology at the Massachusetts
Institute of Technology, is seeking to decarbonize the heavy-polluting
steel manufacturing industry on a massive scale.
- Boston Metal says its technology turns iron ore into steel using only renewable energy.
- The
fresh funding, led by ArcelorMittal, will allow it to boost production
of "clean" steel at a pilot plant in Massachusetts, as well as launch a
Brazilian subsidiary for metals manufacturing.
- The startup also counts BMW and Bill Gates’ investment fund, Breakthrough Energy Ventures, as previous investors.
- According to the International Energy Agency, steel production emits the most carbon dioxide of any industry, producing about 7% of all emissions globally.
