Boston Metal has secured a $75 million funding round to support its pivot toward producing critical metals like niobium, tantalum, vanadium, nickel, and chromium. The company's core technology, molten oxide electrolysis (MOE), uses electric current through molten ore to extract metals. A commercial facility in Brazil suffered a refractory system failure in January 2026, causing electrolyte leakage, delaying startup, and triggering cash-flow problems that led to 71 layoffs. The new funding, backed by existing investors and Tata Steel, will help repair the Brazil plant (expected online September 2026) and fund future US-based chromium production. The strategic shift to higher-value critical metals is seen as a way to prove the technology commercially before returning to the harder sell of green steel.
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