Vale announced Tuesday that it invested US$6 million in start-up Boston Metal as part of an expanded round of Series B funding. Boston Metal is commercializing a process called molten oxide electrolysis, which uses electricity to reduce iron ore and other metal oxides.

“We are excited with our investment in Boston Metal – it is an important stepping stone to the development of our portfolio of innovative technologies to provide decarbonization solutions,” said Vale marketing director Rogério Nogueira.

The investment follows Boston Metal’s close on a US$50 million round of Series B funding last month. The funding round attracted investment from another iron ore miner, BHP. 

“Boston Metal is ushering in a new era of metallurgy,” said Tadeu Carneiro, chairman and chief executive of Boston Metal. “Steel production has relied on the same basic formula for millennia, and revolutionizing such an industry requires a rare combination of team, technology and partners. With this new round of funding, Boston Metal has brought together all of these elements,” he said at the time.