As a result, steel production 7 When 9 Percentage of global greenhouse gas emissions, according to the World Steel Association.
As Canary Media reported last year, Boston Metal is developing a process that does not use fossil fuels directly.A startup approach called na““Molten oxide electrolysis” involves heating iron ore to ambient using an electric current 1,600 Celsius – hotter than lava – speeds up chemical reactions. The resulting material is cooled into a block of steel. This process can also be used to produce high value metals such as tin and niobium.
of 2018Boston Metal raises $20 It has raised $1 million in a funding round led by Breakthrough Energy Ventures, the venture capital firm founded by Microsoft co-founder Bill Gates. Three years later, the startup has raised an additional $.50 $1 Million Breakthrough, Mining Giant BHP and other investors plan to build a demonstration plant in Woburn, an industrial suburb of Boston.
On Friday, Boston Metal120 The $1 million investment will allow the company to expand green steel production at its existing pilot facility in Woburn, supporting site selection and preliminary design for its first green steel plant. The Series C funding will also allow the company’s Brazilian subsidiary, Boston Metal do Brasil, to build and begin operating a high-value metals manufacturing facility.
“Our technology is designed to decarbonize steel production on a large scale. ” CEO A statement from Boston Metal said:The latest support from ArcelorMittal is na“Further strengthening our ability to lead the green steel revolution. ”