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Alternative Assets  + Commodities  + Markets  + Real Assets  | 
ArcelorMittal-, Microsoft-Backed Boston Metal Raises $120M to Scale Green Steel Technology

ArcelorMittal-, Microsoft-Backed Boston Metal Raises $120M to Scale Green Steel Technology

Boston Metal, a Boston, MA-based company developing “green steel” technology to decarbonize steel production, raised $120mn in Series C funding. The raise was led by ArcelorMittal, the world’s second largest steelmaker, through its XCarb® Innovation Fund. Microsoft’s Climate Innovation Fund and SiteGround Capital also participated in the round.

To date, the company has raised about $210 million in equity rounds and about $10 million in government grants.

Tadeu Carneiro, CEO of Boston Metal, said its technology is “designed to decarbonize steel production at scale” and would “disrupt the industry.”

The company’s technology was developed at the Massachusetts Institute of Technology. Professors Donald Sadoway and Antoine Allanore, experts in energy storage and metallurgy, respectively, are the founders.

Irina Gorbounova of ArcelorMittal and Rick Cutright of current investor OGCI Climate Investments joined the company’s board of directors.

Making steel releases more climate-warming carbon dioxide than any other industry, according to the International Energy Agency – roughly 8% of worldwide emissions. Many companies such as Boston Metal are working on alternative measures.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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