Australian miner BHP Billiton has invested in US-based startup company Boston Metal to develop less polluting ways of producing steel, Bloomberg reports. Boston Metal headed by CEO Tadeu Carneiro is developing a technology to reduce emissions by replacing coking coal with electricity in the steelmaking process. The $50 million financing is led by Piva Capital, BHP Ventures, and Devonshire Investors.
Previously, BHP Billiton funded $400 million in research funding to find pathways capable of reducing steel emissions.
BHP is among the investors, along with Thyssenkrupp, Voestalpine, Rio Tinto and SSAB, supporting the round of fundraising for Boston Metal, as SteelOrbis understands.
“Steel is the backbone of the industrialized world, with 1.9 billion mt produced each year to build transportation systems, skyscrapers and infrastructure. Boston Metal’s team of remarkable entrepreneurs, scientists and engineers will completely transform the steel industry by delivering a truly world-changing technology for producing emissions-free steel. We look forward to partnering with Tadeu and his team to bring this technology to the market and make green steel a reality,” said Bennett Cohen, partner at Piva Capital.
Steel production is responsible for more than eight percent of global carbon emissions.