# Boston Metal

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/boston-metal

- Industry: Materials
- Headquarters: Woburn, US
- Website: www.bostonmetal.com/
- Total disclosed funding: $351M
- Latest round: Series C (Jan 30, 2024)
- Investors on record: 19

## About

Boston Electrometallurgical Corporation, trading under the name Boston Metal is a US-based company focused on the commercialization of revolutionary molten oxide electrolysis technology, aimed at transforming steel production and critical metal extraction for sustainable practices. Boston Electrometallurgical Corporation, operating as Boston Metal, was founded in 2013 in Woburn, U.S., and focuses on molten oxide electrolysis (MOE) technology. In May 2026, the company raised USD 75 million in venture funding, with participation from Tata Steel Limited alongside existing investors. The firm is led by CEO Tadeu Carneiro, with strategic direction influenced by founder Donald Sadoway, known for his contributions to advanced technologies. Boston Electrometallurgical Corporation, trading under the name Boston Metal specializes in the commercialization of molten oxide electrolysis (MOE), a groundbreaking technology designed to revolutionize steel production and facilitate the extraction of critical metals. MOE operates as a tonnage metals platform powered by electricity, enabling the production of green steel from various iron ore grades. This innovative process not only enhances steel manufacturing but also transforms the mining and ferroalloy industries by recovering valuable metals from mining waste. The company's technology aims to serve a diverse client base, including steel manufacturers and mining operations worldwide, thereby addressing environmental concerns related to traditional steelmaking and resource recovery. The primary geographical markets for Boston Metal's offerings include North America and Europe, where there is significant demand for sustainable and efficient metal production practices. Boston Metal operates on a B2B model, primarily engaging in partnerships and direct sales to industrial clients within the steel and mining sectors. Revenue generation is facilitated through the deployment of its patented MOE technology in industrial settings, allowing companies to engage in large-scale steel production and critical metal recovery processes. While specific pricing plans and transaction structures are not publicly detailed, the nature of the business suggests that revenue is likely derived from contracts for technology licensing and ongoing operational support. By integrating its MOE technology into existing production frameworks, clients can improve efficiency and sustainability in their operations, positioning Boston Metal as a pivotal partner in transforming the steel industry. The company will use the May 2026 funding to accelerate deployment of its MOE platform and scale global critical metals production further.

## Funding rounds

- Series C, Jan 30, 2024, $20M — Marunouchi Innovation Partners
- Series C, Sep 6, 2023, $141M — Prelude Ventures, Aramco Ventures, M&G, Breakthrough Energy Ventures, Baillie Gifford, BHP Ventures, Microsoft Climate Innovation Fund, Goehring & Rozencwajg Associates
- Series C, Jan 26, 2023, $121M — ArcelorMittal SA, BHP Billiton, BMW i Ventures, Vale, Breakthrough Energy Ventures, Oil and Gas Climate Initiative, Microsoft Climate Innovation Fund, SiteGround
- Series B, Dec 21, 2020, $50M — Devonshire Investors, Prelude Ventures, BHP Billiton, Vale, Energy Impact Partners, Breakthrough Energy Ventures, Engine Ventures, Oil and Gas Climate Initiative, Piva
- Series A, Dec 18, 2018, $19M — Prelude Ventures, Breakthrough Energy Ventures, Engine Ventures

## Investors

- Prelude Ventures — Series A, Series B, Series C
- Breakthrough Energy Ventures (https://capitalatlas.ai/funds/breakthrough-energy-ventures) — Series A, Series B, Series C
- Engine Ventures (https://capitalatlas.ai/funds/engine-ventures) — Series A, Series B
- Devonshire Investors (https://capitalatlas.ai/funds/devonshire-investors) — Series B
- BHP Billiton — Series B, Series C
- Vale — Series B, Series C
- Energy Impact Partners (https://capitalatlas.ai/funds/energy-impact-partners) — Series B
- Oil and Gas Climate Initiative — Series B, Series C
- Piva (https://capitalatlas.ai/funds/piva) — Series B
- ArcelorMittal SA — Series C
- BMW i Ventures (https://capitalatlas.ai/funds/bmw-i-ventures) — Series C
- Microsoft Climate Innovation Fund (https://capitalatlas.ai/funds/microsoft-climate-innovation-fund) — Series C
- SiteGround — Series C
- Aramco Ventures (https://capitalatlas.ai/funds/aramco-ventures) — Series C
- M&G (https://capitalatlas.ai/funds/m-g) — Series C
- Baillie Gifford (https://capitalatlas.ai/funds/baillie-gifford) — Series C
- BHP Ventures (https://capitalatlas.ai/funds/bhp-ventures) — Series C
- Goehring & Rozencwajg Associates — Series C
- Marunouchi Innovation Partners (https://capitalatlas.ai/funds/marunouchi-innovation-partners) — Series C