Adam Rauwerdink, senior vice president of business development with Boston Metal, joined Cheddar News to discuss the company's operations to decarbonize steel production after raising $120 million in capital.

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Green Steel Tech Company Boston Metal Raises $120M

Green steel technology company boston Metal raising 120 million in a series C round with participation from Microsoft's Climate Innovation fund boston metal developing technology to fully de carbonized steel production and the company working to commercialize the patented process that aims to provide the metals industry with a more efficient, lower cost and greener solution for producing steel and other metals. Joining me now is adam roared inc S VP of business development at boston Medal Adam. Thank you so much for coming on the show. And how is your company able to do this? Thanks Kristen, thanks for having us this afternoon. As you said, Yeah, we are decarbonization changing how you make steel. We've been using as mankind carbon coal since the Iron Age to make steel. We replace that with electricity And that's the technology. We're developing something that can scale to address a 1.5 billion ton market for steel globally. How are you gonna use the money adam? The recent funding that you raised to expand the business? Yeah, so we just announced in $120 million Boston were developing the steel technology. A large portion of those funds will go to bringing us to the point where we're ready to deploy our first commercial plant. Uh The other portion of the funds will go to a subsidiary we have in brazil where we're using the same core technology, but going after other higher value metals will be building that plant. We just announced earlier last month, now that we broke ground on the construction of the first facility. Looks like you were at the new york stock exchange recently. Is that right adam based on your background highlighted on monday afternoon? Yeah, So a private offering. But hopefully we're back in the public market next. Okay, well you have to let us know if you come back down here to the N. Y. S. C. Give me more details about how this process works. I think our viewers, potential investors might be interested in that. Certainly. So it's a it's an electrolytic process. So if you're familiar investors or other in the audience know about batteries, you'll hear some of the same terminology. Anodes, cathodes, electrolyte the basic processes that, instead of using carbon to convert iron ore into liquid iron, we're using electrons using electricity. And the goal is certainly being that that's clean electricity. So the inputs to our processes, clean electricity and iron ore. And an important part is that we're very flexible on the grade of iron ore that you can use. The output is high purity molten iron that can go downstream into any of the grades of steel that you use globally. The byproduct is oxygen as an emission. So eliminating co two entirely from the production process. So we're just about a month into 2023 adam. What are your goals for the year? Yeah, we'll have some very big milestones coming up mid year on steel program. Will we also be announcing the first production coming from that facility in boston and hopefully in the next few months announcing the second close final close of our series C. So I know brazil obviously that market that area big focus for you. Why is that market of such interest? Yeah, we have a very strong team there on the ground that we've had for several years. Uh there's the natural resources for the medals that were producing on the ground, but it's also domain expertise and executive expertise in that market. Also have some very strong partners that we're working with. But the company as a whole is very much global for both businesses. Both the high value business and for the steel business just happened to be starting in brazil with the with the high value business. All right. Adam Broward, inc S. VP of business development at boston Metal Adam. Thank you