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§ Private Profile · Woburn, MA, USA
Developer of molten oxide electrolysis (MOE) technology for carbon-free steel production and high-value metal recovery from mining waste.
Based in Woburn, Massachusetts, Boston Metal develops molten oxide electrolysis technology to produce carbon-free steel and extract high-value metals from mining waste. The company's patented process utilizes electricity to convert metal oxides directly into molten metal and oxygen, providing an alternative to traditional carbon-intensive smelting methods. Operating with a global workforce of more than 300 employees, the enterprise has raised over $370 million in venture capital funding to scale its industrial deployment. The firm's capitalization strategy includes financial backing from prominent investors such as Breakthrough Energy Ventures, Prelude Ventures, the World Bank’s IFC, and ArcelorMittal. Recent expansion efforts include launching a Brazilian subsidiary and securing $50 million in United States Department of Energy funding for a new facility in West Virginia. Boston Metal was founded in 2012 by Donald Sadoway, Antoine Allanore, and Jim Yurko.
Boston Metal has raised $210.0M across 4 funding rounds.
Boston Metal has raised $210.0M in total across 4 funding rounds.
Boston Metal has raised $210.0M across 4 funding rounds. Most recently, it raised $20.0M Series C in January 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 30, 2024 | $20M Series C | Ichiro Miyoshi | — | Announced |
| Jan 1, 2023 | $120M Series C | Irina Gorbounova | Innovacom, Microsoft, Breakthrough Energy Ventures, Cantos Ventures, Piva Capital, Prelude Ventures, Qualcomm Ventures, Saudi Aramco Energy Ventures, Serena Capital, The Engine, Rick Cutright, Siteground Capital | Announced |
| Jan 1, 2021 | $50M Series B | Piva Capital, Mark Frayman, Shyam Kamadolli | Blue Bear Capital, Breakthrough Energy Ventures, Cantos Ventures, Energize Ventures, Energy Impact Partners, National Grid Partners, Prelude Ventures, Qualcomm Ventures, Serena Capital, Ogci Climate Investments, The Engine | Announced |
| Jan 1, 2019 | $20M Series A | Breakthrough Energy Ventures | BoxGroup, Brainchild, Cantos Ventures, CoinFund, Equal Ventures, Goodwater Capital, M.g. Siegler, Prelude Ventures, Qualcomm Ventures, Serena Capital, Slow Ventures, The Engine, David Chang, Jeremy YAP, MG Siegler, Scott Belsky | Announced |
Boston Metal has raised $210.0M in total across 4 funding rounds.
Boston Metal's investors include Ichiro Miyoshi, Irina Gorbounova, Innovacom, Microsoft, Breakthrough Energy Ventures, Cantos Ventures, Piva Capital, Prelude Ventures, Qualcomm Ventures, Saudi Aramco Energy Ventures, Serena Capital, The Engine.
# Boston Metal: Redefining Industrial Metals Production
Boston Metal is a materials technology company commercializing Molten Oxide Electrolysis (MOE), a patented electrochemical platform that produces steel and recovers critical metals using renewable electricity instead of fossil fuels.[1][2] The company addresses one of industrial decarbonization's most critical challenges: steelmaking accounts for approximately 7% of global greenhouse gas emissions, and Boston Metal's technology has the potential to eliminate up to 10% of the world's carbon emissions by replacing coal and coke with electricity.[6][7]
The company serves two primary markets. First, it enables green steel production by converting all grades of iron ore into high-quality molten metal through a single-step, energy-efficient process.[9] Second, it recovers high-value metals from mining and industrial waste, transforming waste streams into profitable revenue sources.[1][5] Boston Metal is backed by visionary investors and operates from headquarters in Woburn, Massachusetts, with a wholly owned subsidiary in Brazil focused on critical metals extraction.[1][2]
Boston Metal was founded in 2012 as a spinout from MIT, built on proprietary research developed by metallurgical researchers Donald Sadoway, Antoine Allanore, and James Yurko.[4] The company first demonstrated emission-free steel production in its laboratory in 2013, validating the core MOE concept.[4] Early milestones included commissioning its first semi-industrial MOE cell in 2014 and securing a patent for the technology.[2]
The company achieved significant early traction with a $25 million Series A funding round in 2018 and signed its first commercial agreement for ferroalloy production in 2020.[2] In 2017, Tadeu Carneiro joined as CEO, bringing over 40 years of experience and leadership in the metals industry; he was recognized as a Boston Globe Tech Power Player in 2023.[1] This leadership transition marked a shift toward commercialization, with the company constructing a 25,000 square-foot development facility in Woburn in 2019.[2]
Boston Metal operates at the intersection of three powerful trends. First, industrial decarbonization has become a regulatory and market imperative as governments implement carbon pricing and corporations commit to net-zero targets. Steel's outsized carbon footprint makes it a priority sector for innovation.[6]
Second, the critical metals supply chain faces structural constraints as demand for battery metals, rare earths, and specialty alloys accelerates due to electrification and renewable energy deployment. Boston Metal's ability to recover high-value metals from waste addresses both supply security and circular economy principles.[1][5]
Third, renewable electricity abundance in certain regions (particularly Brazil, where Boston Metal operates a subsidiary) creates economic opportunities for electricity-intensive, zero-carbon industrial processes. The timing aligns with falling renewable costs and grid modernization.[2]
Boston Metal's influence extends beyond its direct operations: the company validates that electrochemistry—long the standard for aluminum production—can be adapted to iron and steel, potentially inspiring similar innovations across the metals industry. Its 2025 recognition as one of MIT Technology Review's 10 Breakthrough Technologies of 2025 signals mainstream acceptance of the approach.[8]
Boston Metal is transitioning from technology validation to commercial deployment. The company is on track to bring its steel decarbonization technology demonstration plant online in the coming years, with announcements expected regarding facility launches.[9] The Brazilian subsidiary's first commercial deployment for high-value metals in April 2024 demonstrates that the platform can generate revenue beyond laboratory settings.[4]
The company's trajectory will be shaped by three factors: (1) anode durability advances—recent breakthroughs in anode longevity are critical to reducing operating costs and extending cell life;[4] (2) renewable electricity pricing and availability—the economics improve as grid electricity decarbonizes; and (3) steel industry adoption—partnerships with major steelmakers will determine scale and market penetration.
If Boston Metal successfully commercializes MOE at scale, it could fundamentally reshape how the world produces one of its most essential materials, turning a century-old industry into a model for clean manufacturing. The company's success would validate that transformative industrial decarbonization is not merely aspirational but economically viable.