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Vale invests in company targeting carbon-free steel

9th February 2021

By: Creamer Media Reporter

     

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Brazilian major Vale has acquired a minority stake in Boston Metal to promote the development of technology focused on steel decarbonisation.

Boston Metal is a pre-operating company, founded in 2012 by professors from the Massachusetts Institute of Technology, whose objective is the development of a technology called molten oxide electrolysis (MOE), which reduces metal oxides such as iron-ore with the use of electricity.

This MOE process will enable the reduction of iron-ore to produce steel with zero carbon-dioxide emissions.

The amounts raised by Boston Metal will be used to finance the development of the technology. Vale invested $6-million.

Vale notes that it is committed to leading the transition to net-zero carbon mining and fostering a portfolio of high-quality products and innovative technologies to provide scope 3 solutions.

Edited by Creamer Media Reporter

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