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Founded Year



Series C - III | Alive

Total Raised


Last Raised

$122M | 21 days ago

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About Boston Metal

Boston Metal develops metal technology that focuses on technology to decarbonize steel production. It offers molten oxide electrolysis (MOE) technology to decarbonize steel production and recover metals from mining waste. The company was founded in 2013 and is based in Woburn, Massachusetts.

Headquarters Location

6A Gill Street

Woburn, Massachusetts, 01801,

United States


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ESPs containing Boston Metal

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

Industrials / Energy Tech

The green steel developers market focuses on producing green steel, also known as sustainable or low-carbon steel, using processes that significantly reduce carbon emissions compared to traditional methods. This market aims to drive sustainability in the steel industry by utilizing renewable energy sources, advanced technologies, and carbon capture techniques. By investing in green steel developer…

Boston Metal named as Highflier among 4 other companies, including H2 Green Steel, GreenMet, and Electra.

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Research containing Boston Metal

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Boston Metal in 2 CB Insights research briefs, most recently on Sep 12, 2023.

Expert Collections containing Boston Metal

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Boston Metal is included in 4 Expert Collections, including Advanced Materials.


Advanced Materials

1,313 items

Companies in the advanced materials space, including polymers, biomaterials, semiconductor materials, and more


Carbon Capture, Utilization, and Storage (CCUS)

355 items

Companies in the Carbon Capture Utilization and Storage (CCUS) space, including those that are developing technologies to capture, utilize, and store carbon, as well as those creating carbon negative products.


Advanced Manufacturing

2,691 items

Companies in the advanced manufacturing tech space, including companies focusing on technologies across R&D, mass production, or sustainability


Construction Tech

950 items

Companies in the construction tech space, including additive manufacturing, construction management software, reality capture, autonomous heavy equipment, prefabricated buildings, and more

Latest Boston Metal News

World Bank's Game-Changing Investment: How Boston Metal Plans to 'Green' Steel

Sep 13, 2023

Read full article ·4 min read In the era of climate change, startups across a majority of industries are actively trying to find ways to reduce global greenhouse gas emissions, thereby rejuvenating the industry approach to production while garnering significant market interest thanks to their green initiatives. Governments and international agencies worldwide have been incentivizing this drive through material investments and subsidies, making it worthwhile for companies to find a greener approach. In 2020, the worldwide steel industry played a significant role in contributing to greenhouse gas emissions, responsible for approximately 7% of the total global greenhouse gas emissions. This figure rose to $1.95 billion in 2021, accounting for roughly 10% of global greenhouse gas emissions during the year. Don't Miss: Boston Metal: Changing the Game with Green Production U.S.-based steel-producing startup Boston Metal is pioneering the shift toward clean steel production by "replacing coal with electrons." Established in 2013, the company originated from research conducted at the Massachusetts Institute of Technology and subsequently secured a cumulative funding of $250 million. Boston Metal has yet to commence revenue generation and remains in the process of refining the ultimate technology for large-scale clean steel production. The company has garnered significant support from venture capitalists and international organizations alike, recently securing a $20 million investment from the World Bank's International Finance Corporation. “Boston Metal has the potential to drastically change the way steel is made and in so doing help countries achieve their emissions targets. The company’s plant in Brazil can help put a key segment of the country’s manufacturing sector on a path of sustainable growth with a competitive edge,” said IFC's Managing Director Makhtar Diop. Story continues Notably, this marks the IFC’s inaugural investment in a startup that has not yet generated revenue. This decision underscores the World Bank’s recognition of the importance of aiding low-income nations in producing carbon emissions-free steel. In 2021, the majority of crude steel production, accounting for 59%, took place in developing countries, as reported by the IFC. The IFC further asserts that Boston Metal’s innovative process holds particular appeal for developing nations that also possess access to clean electricity. This includes countries such as Chile, Ethiopia, Malawi, Uruguay, and Zambia. The company has also garnered substantial investment from prominent entities, including ArcelorMittal (the world’s second-largest steel producer), Microsoft’s Climate Fund, Bill Gates’ Breakthrough Energy Ventures, and now, the World Bank. Clean Steel Production Traditionally, the steel-making process involves introducing iron ore or iron oxide into a blast furnace powered by coal, resulting in substantial carbon dioxide emissions. In contrast, Boston Metal employs an electro-chemical technique known as molten oxide electrolysis. While Boston Metal continues to refine the technology for commercial-scale implementation, the company is yet to generate revenues. It is currently in the concluding phases of fine-tuning the technology, as stated by Boston Metal's CEO Tadeu Carneiro. "It's no longer a binary thing that you will fail or you will succeed," Carneiro said, "It's a question of how long will be the life of the anode? Is it going to last three years or two years? That's where we are now, we are finalizing all the parameters in order to build the biggest, the largest industrial cell. So that's where we are." While Boston Metal’s primary objective revolves around the production of environmentally friendly steel, the company is also leveraging its core electrolysis technology to extract tin, niobium, and tantalum metals from materials typically considered mining waste. The Brazilian metal-generation venture is poised to be the initial revenue generator for Boston Metal. Licensing Business Boston Metal's business is designed to generate revenues from two sources – production and sale of anodes used in producing green steel, as well as licensing the technology for low and middle income countries. "The modular technology of Boston Metal allows a small country like Burkina Faso to build their own steel plant, to have their own steel production — as opposed to importing it from India and paying hard currency outside of the country when it could actually do it internally," said IFC Director William Sonneborn. The company is currently in the process of securing funding, aiming to reach a total of $300 million. To date, they have successfully completed half of this fundraising effort. Roughly one-third of the $300 million will be allocated to advancing this initiative within their Brazilian subsidiary, where they will utilize their most substantial device constructed to date. The remaining two-thirds of the $300 million funding is slated be allocated towards completing the refinement of the steel manufacturing process and its associated components. Boston Metal’s objective is to achieve commercial-scale production of environmentally friendly steel by 2026. The company also aims to commence technology licensing to steel producers around the world by 2026. See more on startup investing from Benzinga.

Boston Metal Frequently Asked Questions (FAQ)

  • When was Boston Metal founded?

    Boston Metal was founded in 2013.

  • Where is Boston Metal's headquarters?

    Boston Metal's headquarters is located at 6A Gill Street, Woburn.

  • What is Boston Metal's latest funding round?

    Boston Metal's latest funding round is Series C - III.

  • How much did Boston Metal raise?

    Boston Metal raised a total of $338.75M.

  • Who are the investors of Boston Metal?

    Investors of Boston Metal include Prelude Ventures, Breakthrough Energy Ventures, Microsoft Climate Innovation Fund, BHP Ventures, M&G Investments and 19 more.

  • Who are Boston Metal's competitors?

    Competitors of Boston Metal include Electra and 6 more.

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Looking for a leg up on competitive, customer and technology insights?
CB Insights puts confidence and clarity into your most strategic decisions.
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Trusted by the world's smartest companies to:
  • Predict emerging trends
  • See competitors' playbooks
  • Stalk the smart money
  • Identify tomorrow's challengers
  • Spot growing industries
  • Kill analyst data work
Let's see how we can help you!
MicrosoftWalmartWells Fargo

Compare Boston Metal to Competitors

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Trio Labs

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