SEATTLE (Scrap Monster): Luxembourg-based steelmaker, ArcelorMittal announced investment of $36 million in U.S. green steel startup company, Boston Metals. This is the single largest investment till date by the steel major through its Xcarb Innovation Fund, initially launched in March 2021. This is the sixth company in which ArcelorMittal has invested through the Fund.
The financial package by the global steel giant has turned out to become a major driver of the $120 million Series C fundraising round undertaken by Boston Metal. Reportedly, Microsoft’s Climate Innovation Fund and SiteGround Capital are other participants in the round. Altogether, the Massachusetts-based company has raised over $200 million in three fundraising rounds.
Boston Metals will use the funds to expand production at a pilot plant in Woburn, near Boston, and help launch commercial production in Brazil. It targets to commercialize its technology by 2026.
Commenting, Aditya Mittal, CEO, ArcelorMittal said that the company has been impressed by the passion and vision it has to contribute to the decarbonisation of steelmaking. Meantime, Tadeu Carneiro, Chairman and CEO, Boston Metal noted that ArcelorMittal’s support further reinforces its capacity to lead the green steel revolution.