KUALA LUMPUR, Jan 30 (Bernama) -- Boston Metal, a global metals technology solutions company, has announced a US$20 million Series C2 investment from Tokyo-based Marunouchi Innovation Partners, bringing the series total to US$282 million. (US$1=RM4.72)
With this new capital, Boston Metal in a statement said it expands presence in Asia and the funding will accelerate the company’s path to commercialisation and support its ongoing growth by attracting and retaining top industry talent.
Boston Metal Chief Executive Officer (CEO), Tadeu Carneiro said the company’s commitment to innovation and sustainability in metals production remains unwavering and this funding will be instrumental in advancing its long-term goals.
“Despite the challenging market conditions, Boston Metal's valuation continues to increase while our persistent ability to secure funding from top-tier investors demonstrates the robust confidence in our vision and capabilities,” he said.
Meanwhile, Marunouchi Innovation Partners CEO, Ichiro Miyoshi said: “Our investment in Boston Metal is a testament to our belief that their technology represents an innovative, long-term solution for commercial green steel production amid the growing global steel demand.”
Building on its Series C1 funding momentum, Boston Metal is accelerating its mission to commercialise breakthrough green steel technology by 2026 to support the steel industry's 2050 zero-carbon goals and expects to start generating revenue from its high-value metals business as early as this year.
Boston Metal’s Molten Oxide Electrolysis (MOE) technology is a direct, one-step process that can produce high-quality steel from abundant medium- and low-grade iron ores.
This flexibility is unique and positions MOE to meet the growing demand for environmentally sustainable steel in various industries.
This funding announcement follows Boston Metal's recent selection by the United States Department of Energy to establish a chromium metal manufacturing plant in Weirton, West Virginia to onshore production of a material critical to the aerospace, chemical processing and nuclear industries.
-- BERNAMA
