Boston Metal, a company that aims to decarbonize steelmaking with its Molten Oxide Electrolysis (MOE) technology, has secured a $20 million Series C2 investment from Marunouchi Innovation Partners, a Tokyo-based venture capital firm.
The new funding by Marunouchi Innovation Partners brings the series total to $282 million and will help Boston Metal expand its presence in Asia, the world’s largest steel market, and accelerate its path to commercialization.
The company plans to launch its green steel technology by 2026, in line with the steel industry’s 2050 zero-carbon goals. It also expects to generate revenue from its high-value metals business as early as 2024. MOE is a direct, one-step process that can produce high-quality steel from abundant and low-grade iron ores, as well as extract high-value metals from mining waste.
Boston Metal’s CEO Tadeu Carneiro said the funding demonstrates the robust confidence in the company’s vision and capabilities, despite the challenging market conditions. Marunouchi Innovation Partners’ CEO Ichiro Miyoshi said the investment reflects the critical importance of advancing sustainable practices in metal production.
The funding announcement follows Boston Metal’s recent selection by the U.S. Department of Energy to establish a chromium metal manufacturing plant in West Virginia, to onshore production of a material critical to the aerospace, chemical processing and nuclear industries.
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