Boston Metal Secures $20M in Series C2 Funding, Bringing Total Round to $282M

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Capital will bolster innovative metals production, including green steel, and strengthen reach in Asian market

BOSTON — Boston Metal, a global metals technology solutions company, today announced a $20 million Series C2 investment from Tokyo-based Marunouchi Innovation Partners. The new funding brings the series total to $282 million.

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With this new capital, Boston Metal expands its presence in Asia, a market accounting for more than 70% of the world’s steel production. Additionally, the funding will accelerate the company’s path to commercialization and support its ongoing growth by attracting and retaining top industry talent.

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“Our commitment to innovation and sustainability in metals production remains unwavering and this funding will be instrumental in advancing our long-term goals,” said Tadeu Carneiro, CEO of Boston Metal. “Despite the challenging market conditions, Boston Metal’s valuation continues to increase while our persistent ability to secure funding from top-tier investors demonstrates the robust confidence in our vision and capabilities.”

Building on its Series C1 funding momentum, Boston Metal is accelerating its mission to commercialize breakthrough green steel technology by 2026 to support the steel industry’s 2050 zero-carbon goals. The company expects to start generating revenue from its high-value metals business as early as 2024.

“We recognize the critical importance of advancing sustainable practices in metal production,” said Ichiro Miyoshi, CEO of Marunouchi Innovation Partners. “Our investment in Boston Metal is a testament to our belief that their technology represents an innovative, long-term solution for commercial green steel production amid the growing global steel demand.”

The drive for decarbonization in sectors like transportation and infrastructure is increasing the demand for green steel solutions. Boston Metal’s Molten Oxide Electrolysis (MOE) technology is a…