ESG Today writes that with the recent investment from Japan, Boston Metal's Series C round reached a total of 282 million USD, bringing Boston Metal one step closer to commercializing its solutions. 2013-founded Boston Metal develops a solution called Molten Oxide Electrolysis (MOE), an electricity-powered platform for manufacturing various metals, among which is steel.

Besides the fact that the process is very energy efficient, it can also be powered by renewable energy, further reducing the CO2 footprint of metal manufacturing. Boston Metal officials say that they want to commercialize this solution by 2026, while expecting to generate revenue as soon as this year.

Tadeu Carneiro, CEO of Boston Metal, said that "our commitment to innovation and sustainability in metals production remains unwavering and this funding will be instrumental in advancing our long-term goals. 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."

The recent 20 million USD investment from Tokyo will also enable the company to expand its presence in the Asian market, where over 70% of the world's steel production takes place.

H2 Green Steel, another startup working in the field of clean steel manufacturing, recently announced a series of new funding agreements, amounting to 4.75 billion euros to finance the construction of what could be the world's first large-scale green steel manufacturing plant.

Steelmaking is one of the most polluting industries in the world, accounting for 7-9% of the world's total carbon footprint and efforts from companies such as H2 Green Steel and Boston Metal could push the world to a more sustainable production path for a net-zero steelmaking industry.