Boston Metal Announces $51 Million Convertible Note to Accelerate Scale-Up of Critical Metals Plant and Capitalize on Recent Steel Technology Milestone

BOSTON, July 10, 2025 (GLOBE NEWSWIRE) -- Boston Metal, a technology company redefining global metals production, today announced it has raised $51 million in a convertible note investment from existing investors including BHP Ventures, Breakthrough Energy Ventures, Piva Capital and SiteGround. Underscoring sustained investor confidence in Boston Metal’s team, technology and dual-business unit strategy, funds from the note will support the deployment of the second phase of its critical metals plant in Brazil, slated to come online in mid-2026, and reinforce the company’s continued development of its green steel solution.

“Boston Metal’s unique process makes steel production efficient, cost-effective and more sustainable,” said Laurel Buckner, VP of Ventures at BHP. “The investment in Boston Metal continues to drive BHP Ventures' support of game-changing technologies that drive innovation for the broader industry.”

This infusion of capital comes on the heels of multiple strategic advancements for the company. Boston Metal recently welcomed Eduardo Bartolomeo—former CEO of Vale and a globally respected metals executive—to its Board of Directors, reinforcing the company’s leadership bench as it scales for its next phase of growth.

In Brazil, Boston Metal’s Molten Oxide Electrolysis (MOE) Critical Metals business is expected to begin generating revenue later this year. The Minas Gerais facility uses MOE to recover high-value materials like niobium, tantalum and tin from mining waste. With this proven and profitable application of MOE technology, Boston Metal is unlocking new revenue streams from previously untapped resources while advancing the global circular metals economy.

Meanwhile, the company also commissioned its multi-inert anode MOE industrial cell earlier this year—a breakthrough for the steel industry that confirms the scalability of MOE Steel for commercial production. Located at the company’s Woburn, Massachusetts headquarters, the industrial cell is now producing tonnage steel and represents a critical step toward deploying Boston Metal’s first MOE Steel demonstration plant

“This investment is a powerful vote of confidence in the initial commercial traction and market opportunity for our critical metals business, as well as the recent technology breakthrough in our steel program,” said Tadeu Carneiro, CEO of Boston Metal. “We are grateful for the ongoing support of our world-class investors.”

To learn more about Boston Metal’s work to redefine global metals production, visit: https://www.bostonmetal.com/.

About Boston Metal
Boston Metal is redefining global metals production with its patented Molten Oxide Electrolysis (MOE) platform technology. By delivering a scalable, carbon emissions-free solution for steel and a sustainable, highly profitable pathway to recover critical metals from mining and metallurgical waste, Boston Metal is unlocking new economic opportunities, enabling industrial onshoring and accelerating a commercially driven transition to cleaner industry. Backed by visionary investors and led by a world-class team, Boston Metal is headquartered in Woburn, Massachusetts and has a wholly owned subsidiary in Brazil. Learn more about Boston Metal’s MOE platform technology at www.bostonmetal.com. 

About BHP Ventures
BHP Ventures is the in-house venture capital arm of BHP. We scour the globe to find and foster emerging, game-changing technologies with the potential to help make BHP’s global operations more safe, productive and sustainable. This complements and enhances the innovation already underway within BHP, by forging new partnerships and creating fresh opportunities to strengthen our portfolio and lower our emissions. For our partners, BHP Ventures provides the opportunity to collaborate with one of the world’s largest natural resources companies, with more than 80,000 talented people working at top-class assets across Australia and the Americas to produce premium iron ore, copper, nickel, and metallurgical coal for global customers. 

To learn more, please connect with BHP Ventures on LinkedIn or visit https://www.bhp.com/about/our-businesses/ventures

Contact
V2 Communications for Boston Metal
bostonmetal@v2comms.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd55dd4d-f47a-4c51-90a2-1a450db0070e