ArcelorMittal today announces it has invested $36 million in Boston Metal. The transaction is the Company’s largest single initial investment to date through its XCarb® Innovation Fund.
The fund, launched in March 2021, 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 $120 million Series C fundraising round undertaken by Boston Metal. Other participants in the round include Microsoft’s Climate Innovation Fund and SiteGround Capital, who join Boston Metal’s existing shareholder register which features the likes of Breakthrough Energy Ventures, mining majors Vale and BHP, BMW i Ventures and several cleantech venture capital funds.
Commenting, Aditya Mittal, CEO, ArcelorMittal, said: “In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionise steelmaking. In our extensive discussions with them, we have been impressed by the passion and vision they have to contribute to the decarbonisation of steelmaking. They are an exciting and welcome addition to the XCarb® Innovation Fund’s portfolio.”
Tadeu Carneiro, Chairman and CEO, Boston Metal, added: “We believe we have the experienced team, strong financial backing, and the innovative technology required to disrupt the industry. ArcelorMittal’s support further reinforces our capacity to lead the green steel revolution.”