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.