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Jan. 27 (UPI) -- Boston Metal, a company working to fully decarbonize steel production, Friday announced a $120 million investment led by multinational steel company ArcelorMittal S.A. Investors include Microsoft's Climate Innovation Fund and Siteground Capital.
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"Our technology is designed to decarbonize steel production at scale. We believe we have the experienced team, strong financial backing, and the innovative technology required to disrupt the industry," said Boston Metal CEO Tadeu Carneiro in a statement. "ArcelorMittal's support further reinforces our capacity to lead the green steel revolution."
According to Boston Metal, its patented molten oxide electrolysis process is being commercialized to produce both green steel and high-value metals like tin and niobium. The investments will increase green steel production at a pilot facility outside Boston and "will support the site selection and preliminary design of its first green steel plant."
The money will also support building a manufacturing facility at Boston Metal's Brazilian subsidiary Boston Metal do Brasil.
"In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionize steelmaking, said ArcelorMittal CEO Aditya Mittal in a statement.
He said his company is impressed by Boston Metal's passion and vision as they contribute to the decarbonization of steel production.
"The technology Boston Metal is developing has the potential to deliver affordable green steel at scale, helping to drive cross-industry decarbonization, which is increasingly critical for companies with carbon reduction targets, such as Microsoft," Microsoft Climate Innovation Fund Director Brandon Middaugh said in a statement.
