This month, we are excited to feature our client Boston Metal. In a Series A funding round finalized in December 2018, Boston Metal raised $20 million. Breakthrough Energy Ventures, which provides patient capital to companies focused on reducing greenhouse gas emissions, led the funding and they were joined by Prelude Ventures and The Engine. This capital raise will allow Boston Metal to expand and commercialize its use of molten oxide electrolysis (MOE) technology for the production of steel and other metals.
At MIT, Professor and Boston Metal cofounder, Donald R. Sadoway demonstrated that MOE could reliably and efficiently produce emissions-free steel. In 2012, Boston Metal was formed to commercialize MOE technology for steel production with no carbon emissions and ferroalloys without aluminum. Boston Metal already uses MOE for semi-industrial ferroalloys production and is expanding its platform to produce ferroalloys and steel at the industrial scale. MOE technology allows steel producers to build modular, scalable steel production plants. This more cost-effective method allows steel manufacturers to increase production capacity as needed and eliminates the staggering capital expenditure required to build traditional blast furnaces.
Steel production is a millennia-old, coal-dependent process. Each year, steel production accounts for 7% of all greenhouse gas emissions produced globally. MOE uses electrons rather than coal to produce steel, emitting only oxygen. This technology has the potential to eliminate almost two billion tons of annual CO2 emissions from steel production. Katie Rae, managing partner and CEO of The Engine explained that “a critical piece to achieving a carbon-free world is the decarbonization of steel production. Boston Metal has spent years developing its groundbreaking technology and is incredibly close to bringing it to market.”
With this round of funding, Boston Metal plans to commission an industrial steel production system and develop a demonstration plant to produce ferrovanadium. “Molten oxide electrolysis is a platform technology that can produce a wide array of metals and alloys, but our first industrial deployments will target the ferroalloys on the path to our ultimate goal of steel,” stated Tadeu Carneiro, CEO of Boston Metal. Carneiro explained that “Boston Metal’s MOE technology will offer the steel industry a modular, low-cost, and zero-emissions solution for the production of high tonnage steel.”
Congratulations to Boston Metal on its Series A capital raise. Mintz believes that working with companies like Boston Metal will have a profound impact on the sustainability movement, and we are proud to continue working with these kinds of innovators. We look forward to a bright future.
This month, we are pleased to feature Fluence Analytics, a company that provides industrial and laboratory monitoring solutions that produce continuous data streams to enable realtime optimization. As a result of this optimization, Fluence Analytics has improved process control and created faster research and development for polymer and biopharmaceutical manufacturers.
Fluence Analytics’ product portfolio includes ACOMP, ARGEN, and Lab ACOMP. ACOMP is a manufacturing system that continuously analyzes polymers and generates realtime data about reaction kinetics and polymer properties. ARGEN measures the stability of biopharmaceuticals through static light scattering, and the instrument contains 16 sample cells that independently control thermal, mechanical, and chemical stress. Lastly, Lab ACOMP monitors the synthesis of new products and optimizes existing processes to accelerate product development and improve product quality.
The uniqueness of these products is evidenced by recent sales and Proof of Performance trials in the United States, Europe, and Asia. Notably, Nalco Water (Nalco), an Ecolab company and world leader in polyacrylamide polymers, documented its use of ACOMP to track key parameters as reactions occur. Due to the success of the product, the two companies are now exploring further data mining opportunities. We are proud to continue working with this industry leader, and we look forward to a bright future. You can learn more about their services and solutions by visiting the company’s website at https://fluenceanalytics.com/.