Boston Metal secures $75M to produce critical metals after accident
New funding boosts green metal production, niobium plant back on track.
Boston Metal, known for its molten oxide electrolysis (MOE) technology to decarbonize steelmaking, has raised a $75 million funding round to pivot toward producing critical metals. The company’s MOE process runs electric current through ore dissolved in a molten electrolyte at 1,600°C, separating metals like niobium, tantalum, and chromium. While steel remains a long-term goal, the higher value of these metals offers a faster path to revenue. A subsidiary in Brazil is building an industrial-scale plant to extract a mixture of critical metals from low-grade ore. The new funding, backed by existing investors and Tata Steel Unlimited, brings Boston Metal’s total raised to over $500 million.
Earlier this year, the Brazil plant encountered a refractory system leak that caused electrolyte to spill, delaying the facility’s startup and triggering a cash crisis. Boston Metal missed a milestone, lost committed funding, and laid off 71 employees in April. The new $75M round provides a lifeline: repairs are underway, with a September 2026 restart planned. The company also eyes a US plant to produce chromium, a metal America nearly entirely imports. By focusing on higher-value metals, Boston Metal can prove its technology while weathering policy shifts away from industrial decarbonization support.
- Boston Metal raised $75M from existing investors and Tata Steel to produce critical metals via molten oxide electrolysis.
- A subsidiary plant in Brazil suffered a refractory leak in January, delaying startup and causing 71 layoffs in April.
- The company plans a US chromium plant by 2026, targeting metals where America relies heavily on imports.
Why It Matters
Boston Metal's pivot to critical metals could secure domestic supply chains for niobium and chromium while proving green tech viability.