SMM2: Vale has announced that it has completed an investment of US $6 million in Boston Electrometallurgical Company (Boston Metal) to acquire a minority stake in the company to promote the development of steel decarbonization technology. Boston Metal has a diversified shareholder base, including venture capital funds, mining companies and private investors.
Boston Metal is a startup founded in 2012 by professors at (MIT) at the Massachusetts Institute of Technology to develop an innovative technology called molten oxide electrolysis (MOE), which uses electricity to reduce metal oxides such as iron ore into high-purity molten metal products. Molten oxide electrolysis process produces iron and steel by iron ore reduction process to achieve zero carbon emission.
The funds raised by Boston Metal will be used for technology development.
The investment in Boston Metal is in line with the strategic pillar of Vale's New Social contract. Vale is committed to leading the mining industry to achieve net zero carbon emissions and to provide "scope three" emission reduction solutions through a high-grade product portfolio and a variety of innovative technologies.
