Boston Metal

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 Boston Metal (“BM” or the “Company”, https://www.bostonmetal.com/) was created in 2012 with technologies licensed from Massachusetts Institute of Technology. The Company patented the Molten Oxide Electrolysis (MOE), a technology that can be used to reduce the carbon footprint of steel production and to produce high-value metals, such as tin, tantalum and niobium. The MOE technology, is an electro-chemical process, which uses direct electric current and an anode to separate chemical compounds into their constituent parts, eliminating the need for coal in steel production. MOE can make use of low- and mid-grade iron ore fines and iron slag that are unsuitable for low-emission steel making with incumbent technologies. MOE can also be used to recover high value metals from mine slags. Boston Metal research and development (R&D) facilities are located in an industrial neighborhood in Massachusetts, United States (US) where MOE modular cells of different sizes are routinely redesigned and reconfigured as part of the Company’s MOE scale up R&D process. In addition, Boston Metal is planning to ramp up production of steel at its new industrial demonstration plant, begin its construction in 2024 and start commercial operations in 2026. The location of the new plant has not been decided yet.  In 2022, Boston Metal established a subsidiary in Minas Gerais, Brazil, where MOE technology will be used to recover high-value metals from mining slag. The project will be built in the municipality Coronel Xavier Chaves. In addition to the plant, the project will include the civil works for the connection to the electrical grid which is located around 500 meters away from the project site.  The proposed IFC investment is an up to US$20M equity investment as part of a Series C round to further develop and commercialize the MOE platform and expand BM’s operations in the United States and Brazil.