January 30 (SeeNews) - SiteGround Capital, the owner of Bulgaria-based hosting services and software development company SiteGround, invested in US green steel business Boston Metal as part of a $120 million (110.1 million euro) funding round, the Bulgarian company confirmed for SeeNews on Monday.
SiteGround would not provide further transaction details, the spokesperson said in response to a SeeNews query.
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The first close of the Series C round was led by New York-listed industrial conglomerate ArcelorMittal, with Microsoft's Climate Innovation Fund and SiteGround Capital taking part as new backers, Boston Metal said in a press release on Friday.
The fresh funds will help with the site selection and initial design work by Boston Metal for the company's commercial-scale plant where it will apply its patented technology process to produce steel without carbon emissions. Part of the new capital will also be deployed for the construction of Boston Metal's first commercial plant for high-value metals, such as tin and niobium, which will be located in Brazil and developed by local subsidiary Boston Metal do Brasil.
($ = 0.9174 euro)