Boston Metal develops molten oxide electrolysis (MOE) technology that runs electric current through ore dissolved in a molten electrolyte to separate metals at high temperature. The company has applied MOE to steel production—completing the largest run of its pilot industrial cell in Woburn, Massachusetts in early 2025, producing about a ton of steel—and is shifting focus toward higher-value critical metals like niobium, tantalum, tin, vanadium, nickel, and chromium. Its Brazilian subsidiary is building a commercial-scale plant to process low-grade material into a mixture of critical metals, but the facility suffered a refractory-system issue in January that caused an electrolyte leak, delayed startup, and led to operational and financing setbacks. Boston Metal repaired and restructured operations, laid off 71 employees, and now expects the Brazil plant to be ready to start up in September 2026. The company has raised over $500 million in total and secured a $75 million financing round to support the Brazil facility’s operation and other critical-metals projects. It is also discussing future deployments, including a potential U.S. plant to produce chromium.

Total raised

$285M

Funding rounds

6

Latest round

Equity

Latest activity

May 2026