eying sustainability gains for its supply chain, bmw backs boston metal’s co2-free iron production tech
BMW Invests in Carbon Dioxide-Free Steel Production
BMW has become a new investor in Boston Metal, a company pioneering a technology for steel production that eliminates carbon dioxide emissions.
Boston Metal, based in Boston, was aiming to secure $50 million in funding earlier this year, as previously reported by TechCrunch. This investment from BMW completes that funding round, according to sources close to the company.
Strategic Partnership for Sustainable Materials
This investment, made through BMW iVentures, the automaker’s venture capital arm, provides Boston Metal with access to a major consumer of steel. BMW Group’s European manufacturing facilities utilize over 500,000 tonnes of steel annually.
Dr. Andreas Wendt, a member of the BMW AG Board of Management overseeing purchasing and the supplier network, emphasized the importance of this collaboration. He stated that the company is actively identifying materials and components within its supply chain that generate the highest carbon dioxide emissions during production.
“Steel is a critical material for automobile manufacturing, yet it contributes significantly to CO2 emissions,” Dr. Wendt explained. “Our objective is to continually decrease these emissions throughout the steel supply chain, aiming for a reduction of approximately two million tonnes by the year 2030.”
Electrolysis: A Cleaner Steelmaking Process
Traditional steel production relies on blast furnaces, which inherently produce carbon dioxide. However, Boston Metal’s innovative process utilizes an electrolysis cell to create pig iron, the precursor to steel, without generating CO2 emissions.
BMW’s participation in the investor group, which already includes Breakthrough Energy Ventures – backed by Bill Gates – and other key financial and strategic investors, solidifies the fundraising efforts and brings another influential corporate partner on board.
Tadeu Carneiro, CEO and founder of Boston Metal, highlighted the breadth of their investor base. “Our investors represent the entire steel value chain, from raw material suppliers to end-users, validating our process for producing high-quality, cost-competitive steel at scale.”
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