Bill Gates Venture Fund works on project to reduce carbon emissions from steel production

A company led by Microsoft co-founder Bill Gates has invested in a startup that aims to cut carbon emissions from steel production

January 9, Seattle. Breakthrough Energy Ventures has invested $ 20 million in startup Boston Metal. He is developing a process to reduce carbon emissions in steelmaking using electricity.

Iron and steel production results in 1.7 billion tons of carbon dioxide emissions annually, according to a study published in the journal Science. Boston Metal CEO Tadeu Carneiro is confident that there is a way to reduce such a powerful negative impact on the environment, which is what the startup is doing:

- Our company uses a technology in production that allows us to produce pure metals without carbon emissions. The only by-product is oxygen, - says about the activities of the Carneiro company.

Despite the fact that the project has not yet been commercialized, in the future it will be competitive, he is sure:

- Electricity is getting cheaper and the cost of coal is growing. What makes Boston Metal products potentially in demand.

This investment exemplifies Breakthrough Energy Ventures' focus on startups that can cut carbon emissions. The foundation's previous investments included a fusion energy company and a geothermal energy startup.