US-based Boston Metal has announced that it has received $20 million funding from the International Finance Corporation (IFC) to advance its Molten Oxide Electrolysis (MOE) technology to decarbonize steel production and recover high-value metals from mining waste.
The company will use the funding to support its Brazilian subsidiary Boston Metal do Brasil, as it builds the first MOE facility.
Boston Metal aims to expand its global footprint, meet growing global demand for steel and achieve carbon neutrality.