ArcelorMittal has invested USD 36M in Boston Metal. The transaction is through its XCarb® Innovation Fund. The fund targets investing in the best and brightest technologies that hold the potential to play a meaningful role in the decarbonisation of the steel industry, a process ArcelorMittal intends to lead.
ArcelorMittal’s investment has led a USD 120M Series C fundraising round undertaken by Boston Metal.
Boston Metal is developing and commercialising a patented Molten Oxide Electrolysis (MOE) platform for decarbonising primary steelmaking.
Since its launch ArcelorMittal’s XCarb® Innovation Fund has now committed to investments in six companies covering a range of decarbonisation technologies – renewable energy, long-term battery storage, carbon capture and re-use, hydrogen electrolysis, nuclear energy and now direct electrolysis. The Fund is also an anchor partner in Breakthrough Energy’s Catalyst program, having committed to investing USD 100M over a five-year period.
