According to Boston Metal, new investors include Aramco Ventures, the corporate venturing arm of Aramco; global investment manager M&G Investments; natural resources investment firm Goehring & Rozencwajg; and investment management firm Baillie Gifford.

The company is developing a molten oxide electrolysis process that can convert low- and mid-grade iron ore fines directly into high-purity molten iron.

“Boston Metal’s success in raising capital from diverse sources spanning private equity, venture capital, institutional investors and strategic investors demonstrates robust confidence in Boston Metal’s ability to transform steel and metals production for a sustainable future,” said Boston Metal chairman and chief executive officer Tadeu Carneiro. 

The company said it expects to bring molten oxide electrolysis to the steel market by 2026.