Boston Metal, a US-based developer of molten metal production technology, confirmed yesterday it has collected $50m in a series B round co-led by BHP Ventures, the corporate venturing arm of mining company BHP.
The round was co-led by Devonshire Investors and Piva Capital and it also featured The Engine, Breakthrough Energy Ventures, Prelude Ventures and OGCI Climate Investments. The company is targeting a $60m final close, according to a regulatory filing.
Founded in 2012, Boston Metal has developed a process called molten oxide electrolysis to make steel alloys using electricity rather than a blast furnace.
The company’s ultimate goal is to facilitate emissions-free steel production – though this will also require manufacturers to use clean energy – and thereby help tackle a significant contributor to climate change.
Boston Metal’s long-term plan is to license its technology and sell components to steel manufacturers and engineering companies. The funding will allow it to operate a semi-industrial cell line by the end of 2022 and a demonstration plant within three years.
Shyam Kamadolli, a managing director at Devonshire Investors, will take a board seat at Boston Metal in conjunction with the round. It had closed a $20m round in early 2019 led by Breakthrough Energy Ventures, with contributions from The Engine and Prelude Ventures.
The original version of this article appeared on our sister site, Global University Ventures.
