Boston Metal
MIT-spinout developing Molten Oxide Electrolysis (MOE) technology to produce steel and critical metals with zero direct carbon emissions
- CEO / Founder
- Tadeu Carneiro
- Team Size
- 201-500
- Stage
- Growth Stage
- Total Funding
- $544M
- Latest Round
- Venture Round
- Key Investors
- Breakthrough Energy Ventures; ArcelorMittal; Microsoft Climate Innovation Fund; BHP Ventures; Piva Capital; Devonshire Investors; Tata Steel Limited; Marunouchi Innovation Partners; SiteGround Capital; The World Bank's IFC; Aramco Ventures; PETRONAS Ventures; Baillie Gifford
Technology & Products
Key Products
MOE Steel (green steel production via molten oxide electrolysis); MOE High-Value Metals (niobium, tantalum, tin recovery from mining waste); MOE Critical Metals (chromium, vanadium, nickel production)
Technological Advantage
Inert anode material developed at MIT enables MOE to be commercially viable; modular MOE cells can produce up to 10 tons of metal per day each; technology can recover value from waste streams; licensed from MIT with strong IP moat
Differentiation
Value Proposition
Decarbonizes steelmaking by replacing coal/coke with electricity in a single-step electrochemical process, producing steel and other metals with zero direct CO2 emissions and oxygen as the only byproduct
How They Differentiate
MOE technology produces liquid metal in a single electrochemical step (vs. multi-step hydrogen DRI processes); can process lower-grade ores and mining waste; produces oxygen as sole byproduct; modular cell design allows scalable deployment
Market & Competition
Target Customers
Steelmakers (technology licensing model); mining and metals companies (high-value metals recovery from waste streams)
Industry Verticals
Steel production; Critical metals mining and recovery; Aerospace (niobium/tantalum alloys); Clean energy (chromium for fuel cells, superconducting magnets)
Competitors
Electra (low-temperature iron electrolysis); H2 Green Steel / Stegra (hydrogen-based DRI green steel); SSAB (HYBRIT fossil-free steel project)
Growth & Milestones
Major Milestones
2013: Founded based on MIT Nature paper by Sadoway/Allanore; 2017: Tadeu Carneiro joins as CEO; 2022: First semi-industrial 25,000-amp MOE cell tested; 2023: TIME100 Most Influential Companies; $262M Series C closed; 2024: DOE selects Boston Metal for $50M Weirton, WV facility; 2025: Commissioned multi-inert anode industrial MOE cell; produced ~1 ton steel in pilot run; 2026: $75M raised for critical metals scale-up; Brazil commercial plant coming online