Microsoft and ArcelorMittal back MIT spinout trying to green the $1.6 trillion steel industry
Publishing timestamp: 2023-01-27 00:01:01
Summary
Boston Metal, a clean steel technology company spun out of MIT, has raised $120 million in a funding round led by ArcelorMittal and Microsoft. The steel industry is a major contributor to global carbon dioxide emissions, so the investment in Boston Metal is a step towards decarbonizing the industry. Boston Metal's technology, Molten Oxide Electrolysis, passes electricity through iron oxide to make iron and oxygen without carbon emissions. The company plans to begin construction of a demonstration steel plant in 2024 and a commercial-sized plant in 2026.
Sentiment: POSITIVE
Keywords: bill gates, boston, arcelormittal sa, microsoft corp, business news,