BHP Invests in Startup Seeking to Make Emissions-Free Steel
(Bloomberg) -- BHP Group, the world’s biggest mining company, has invested in a startup company seeking to develop less-polluting ways of making steel.
While many in the mining industry have outlined how they plan to curb their own direct pollution, those emissions are a fraction of ones produced by customers, with steelmaking one of the biggest global emitters. Rather than set hard targets to reduce so-called Scope 3 emissions, companies like Rio Tinto Group and BHP have committed to working with the steel sector to help develop new technologies instead.
BHP has previously pledged $400 million in research funding to tackle carbon emissions caused by its buyers. The company has also said it will tie a portion of bonus payments for key leaders to progress on lowering greenhouse gas emissions at both its own operations and those of its customers.
BHP was among investors backing a $50 million fundraising round for Boston Metal, the startup said Monday. The company, which already counts Bill Gates-founded Breakthrough Energy Ventures among its investors, is developing a method to replace coking coal in the steelmaking process with electricity, reducing emissions.
The statement did not say how much BHP had invested in the funding round. Piva Capital and Devonshire Investors also participated.
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