Backs Boston Metal to decarbonize steel using molten oxide electrolysis
Breakthrough Energy Ventures led a $120 million Series C in Boston Metal, an MIT spin-out using electrolysis to produce carbon-free steel. Traditional blast furnace steelmaking accounts for roughly 8% of global CO₂ emissions. Boston Metal's process replaces coal with clean electricity, enabling zero-emission steel production. Gates has repeatedly named green steel as one of the hardest and most important decarbonization challenges.
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Related Accomplishments
March 2025
Breakthrough Energy Ventures Invests in Savor — Butter Made Directly from Carbon
Breakthrough Energy Ventures backed Savor, a startup that produces butter using carbon dioxide and hydrogen — derived from atmospheric carbon and water — without any conventional agriculture, animals, or farmland. Savor's thermochemical process generates saturated fat with an identical molecular profile to dairy butter while using an estimated 99.9 percent less water and zero agricultural land. The product launched at Michelin-starred restaurants in 2025, with supermarket availability targeted for 2027, as part of Gates's broader bet on food-system decarbonisation.
2024
Breakthrough Energy Catalyst Invests $40 Million in Deep Sky Carbon Removal
Breakthrough Energy Catalyst — Gates's industrial decarbonisation investment vehicle — committed $40 million to Deep Sky, a Quebec-based company developing commercial direct air capture facilities across Canada. The investment marked Catalyst's first in the DAC sector. Deep Sky's Alpha facility in Alberta is designed as a testing ground for multiple next-generation carbon removal technologies, with the goal of proving the cost trajectory needed to make DAC viable at planetary scale.
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