Latest news with #MoltenOxideElectrolysis
Yahoo
3 days ago
- Business
- Yahoo
Boston Metal Announces $51 Million Convertible Note to Accelerate Scale-Up of Critical Metals Plant and Capitalize on Recent Steel Technology Milestone
Boston Metal's multi-inert anode Molten Oxide Electrolysis (MOE) industrial cell BOSTON, July 10, 2025 (GLOBE NEWSWIRE) -- Boston Metal, a technology company redefining global metals production, today announced it has raised $51 million in a convertible note investment from existing investors including BHP Ventures, Breakthrough Energy Ventures, Piva Capital and SiteGround. Underscoring sustained investor confidence in Boston Metal's team, technology and dual-business unit strategy, funds from the note will support the deployment of the second phase of its critical metals plant in Brazil, slated to come online in mid-2026, and reinforce the company's continued development of its green steel solution. 'Boston Metal's unique process makes steel production efficient, cost-effective and more sustainable,' said Laurel Buckner, VP of Ventures at BHP. 'The investment in Boston Metal continues to drive BHP Ventures' support of game-changing technologies that drive innovation for the broader industry.' This infusion of capital comes on the heels of multiple strategic advancements for the company. Boston Metal recently welcomed Eduardo Bartolomeo—former CEO of Vale and a globally respected metals executive—to its Board of Directors, reinforcing the company's leadership bench as it scales for its next phase of growth. In Brazil, Boston Metal's Molten Oxide Electrolysis (MOE) Critical Metals business is expected to begin generating revenue later this year. The Minas Gerais facility uses MOE to recover high-value materials like niobium, tantalum and tin from mining waste. With this proven and profitable application of MOE technology, Boston Metal is unlocking new revenue streams from previously untapped resources while advancing the global circular metals economy. Meanwhile, the company also commissioned its multi-inert anode MOE industrial cell earlier this year—a breakthrough for the steel industry that confirms the scalability of MOE Steel for commercial production. Located at the company's Woburn, Massachusetts headquarters, the industrial cell is now producing tonnage steel and represents a critical step toward deploying Boston Metal's first MOE Steel demonstration plant 'This investment is a powerful vote of confidence in the initial commercial traction and market opportunity for our critical metals business, as well as the recent technology breakthrough in our steel program,' said Tadeu Carneiro, CEO of Boston Metal. 'We are grateful for the ongoing support of our world-class investors.' To learn more about Boston Metal's work to redefine global metals production, visit: About Boston MetalBoston Metal is redefining global metals production with its patented Molten Oxide Electrolysis (MOE) platform technology. By delivering a scalable, carbon emissions-free solution for steel and a sustainable, highly profitable pathway to recover critical metals from mining and metallurgical waste, Boston Metal is unlocking new economic opportunities, enabling industrial onshoring and accelerating a commercially driven transition to cleaner industry. Backed by visionary investors and led by a world-class team, Boston Metal is headquartered in Woburn, Massachusetts and has a wholly owned subsidiary in Brazil. Learn more about Boston Metal's MOE platform technology at About BHP VenturesBHP Ventures is the in-house venture capital arm of BHP. We scour the globe to find and foster emerging, game-changing technologies with the potential to help make BHP's global operations more safe, productive and sustainable. This complements and enhances the innovation already underway within BHP, by forging new partnerships and creating fresh opportunities to strengthen our portfolio and lower our emissions. For our partners, BHP Ventures provides the opportunity to collaborate with one of the world's largest natural resources companies, with more than 80,000 talented people working at top-class assets across Australia and the Americas to produce premium iron ore, copper, nickel, and metallurgical coal for global customers. To learn more, please connect with BHP Ventures on LinkedIn or visit ContactV2 Communications for Boston Metalbostonmetal@ A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-03-2025
- Business
- Yahoo
Steel Emits 11 Percent of All Greenhouses Gases. Scientists Have Invented a Device to Bring That Down to Zero.
The steel industry produces roughly 11 percent of the world's carbon dioxide emissions, so cleaning up the industry is a top priority. Now Boston Metal has successfully demonstrated that its Molten Oxide Electrolysis (MQE) industrial cell can be scaled up to produce large amounts of a steel, a big milestone for hopefully one day producing metal without the need for coke, a coal-based fuel. As its name suggests, the MQE process requires electricity to create liquid iron, so much of its green energy accolades require electricity supplied from green sources, such as solar, wind, or even nuclear. The world is hungry for steel. In 2024, the worldwide industry produced nearly 2 billion metric tons of the iron-carbon alloy while burping out about 11 percent of the total carbon dioxide emissions for the year. While transportation, energy production, and agriculture all take up bigger slices of that unsavory doomsday pie, steelmaking remains a large contributor to the global climate crisis. The problem is the coal-based fuel called coke (no, not that Coke) that lies at the heart of the conventional steel-making process. Coke provides a dual role by delivering the heat required for steelmaking while also stealing away oxygen in the process, leaving behind molten iron—the key ingredient of steel. When coke combines with oxygen in this way, it's eventually released as carbon dioxide, the greenhouse gas that's slowly (but surely) imperiling life on Earth. But if there's one thing humans are good at, it's engineering themselves out of a problem, and the green energy company Boston Steel, originally developed at MIT, believes it finally has a green steel solution that's scalable. The company announced that it has successfully demonstrated its multi-inert anode Molten Oxide Electrolysis (MQE) industrial cell that can produce a ton or two of steel in a month. While that's not enough to replace large-scale steelmaking, adding more anodes and more reactors can increase that capacity and eventually lead to wide-scale green steel adoption—or that's the hope, anyway. 'We are the only company with a direct and scalable approach to more efficient and clean steelmaking, and I can now say that tonnage steel is flowing from our multi-inert anode MOE cell,' Tadeu Carneiro, CEO of Boston Metal, said in a press statement. 'With this milestone, we are taking a major step forward in making green steel a reality and we're doing it right here in the U.S., demonstrating the critical innovation that can enhance domestic manufacturing.' And like most green energy technologies, it relies on electrification. Instead of using coke for developing molten iron, MQE uses a metallic anode that sticks into the reactor and provides electricity, heating up the iron ore to 1,600 degrees Celsius (2,900 degrees Fahrenheit) and driving the reactions for creating molten iron. And the byproduct of this interaction? Oxygen. Of course one big piece of this green steel puzzle is that the supplied electricity must come from renewable resources in order to be truly zero emissions, so building out the world's green energy infrastructure remains a top priority. According to MIT Technology Review, Boston Metal's reactor has grown from the size of a coffee cup to this latest model that can produce a ton of metal in just 12 years. To really clean up the industry, Boston Metal will need to scale up even more, but now it's proven that the technology is ready to go big or go home. The company anticipates having a demonstration plan up and running in late 2026 and wants to begin licensing the technology to steelmakers around the world. 'There is no lack of demand for green steel today,' Carneiro said in a video describing the company's technology in 2022. 'Once we go commercial by 2026…the application of our technology and the adoption will be very fast.' You Might Also Like The Do's and Don'ts of Using Painter's Tape The Best Portable BBQ Grills for Cooking Anywhere Can a Smart Watch Prolong Your Life?
