Boston Metal to soon unveil the full operational swing of its MOE technology
Boston Metal, a pioneer in metals technology, is on the brink of bringing its "green steel" technology to market after securing a funding of $262 million in its latest round. This significant financial boost is earmarked for demonstrating and pushing forward the commercialization of the molten oxide electrolysis (MOE) technology. The company asserts that this innovation holds the promise to significantly reduce carbon footprints in steel production. By next year, real-world demonstrations are set to kick off at Boston Metal's pilot facility located in Boston, Massachusetts.
A diverse set of investors has shown interest and confidence in Boston Metal's vision, notable among them being Microsoft's Climate Innovation Fund, Saudi Aramco, a state-run enterprise, leading steel producer ArcelorMittal, and a consortium of investment groups.
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MOE stands out as it leverages renewable electricity in lieu of the traditionally used fossil fuels to transmute iron ore into steel. Once MOE achieves its full commercial potential, projected for 2026, it's estimated to drastically cut global carbon emissions by almost 10%, as per Boston Metal's projections. This revolutionary approach negates the need for coke production and curtails the dependency on blast furnaces in the steel-making process.
Beyond steel, the versatile MOE technology has applications in producing other metals. For instance, it holds capability in producing metals like tin and niobium. Further showcasing the expansive reach of MOE, Boston Metal is spearheading a project in Brazil aiming to extract these very metals. The combined implications of these advancements indicate a transformative shift not just for steel production, but potentially for the broader metallurgical industry.
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According to the article by Procurement Resource, Boston Metal, a metals technology firm, secured $262 million in funding to advance its "green steel" molten oxide electrolysis (MOE) technology, aiming to decarbonize steelmaking. Set for demonstrations in 2023 at their Boston facility, this technology uses renewable electricity to transform iron ore into steel, potentially slashing global carbon emissions by 10% by 2026. Investors include Microsoft's Climate Innovation Fund, Saudi Aramco, and ArcelorMittal. Moreover, MOE can produce metals like tin and niobium, with a related project underway in Brazil.
