(AmericanProsperity.com) – A ten year old startup is trying to reinvent the processes at the core of the one and a half trillion dollar steel industry to reduce the high carbon emissions from the industry.
Boston Metal is looking to make the steel industry, the backbone of modern infrastructure, green. The steel industry is also a top contributor to climate change as they generate between seven and nine percent of the global carbon dioxide.
Boston Metal hasn’t generated revenue as they are focused solely on implementing technology that they will use to help clean the steel industry. The company signed a twenty million dollar funding deal with the World Bank, the International Finance Corporation.
This is the first time that the World Bank has invested in a pre-revenue startup company. The push to go emission free is a focus for businesses across the globe and this deal showcases its extent. IFC Director, WIlliam Sonneborn, spoke out about the needs for steel in the future.
”I am here in Africa,” he said. “There are hundreds of millions of people that don’t have a house. At some point, they’re going to need steel. And so the incremental steel production of the world is not going to be in the U.S. The technology may have been invented at MIT, but the incremental steel production is not going to be in the U.S.”
Boston Metal’s process will seem attractive to many upcoming nations such as Ethiopia, Malawi, Chile, Zambia, and Uruguay. The startup raised hundreds of millions of dollars from investors such as ArcelorMittal, the second-largest steel producer in the world.
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