WOBURN — On April 11, Governor Maura T. Healey continued her Mass Leads Road Show with a stop at Boston Metal to promote the key climatetech investments included in the bill. Boston Metal is a clean tech innovation company focused on “green steel production” or decarbonizing steel production by using electricity rather than coal.  

This visit is part of the Governor’s Mass Leads Act Road Show during which she is traveling to communities across Massachusetts to highlight the ways in which her recently proposed economic development bill will grow the state’s economy, support businesses and attract talent. The bill proposes a new ten-year, $1 billion strategy to make Massachusetts the climate innovation lab for the world, and includes a framework for capital, tax incentives, and operations.  

“Massachusetts is home to some of the world’s greatest innovators and as a result, we have the opportunity to meet one of the world’s greatest challenges – climate change. The climatetech space is our opportunity to become a world leader in the emerging climatetech industry and build a better future together,” said Governor Healey. “Our Mass Leads Act is the type of investment that we need to make to ensure that climatetech companies like Boston Metal can start and scale here in Massachusetts” 

“We’re making Massachusetts a global leader in the fight against climate change,” said Lieutenant Governor Kim Driscoll. “The Mass Leads Act makes key investments in the climatetech space that support the development and innovations of projects that propel the world forward to a clean energy future.” 

“Building a more sustainable future requires new approaches to product development and manufacturing. It’s exciting to see Woburn become a hub for climate/green tech companies,” said Woburn Mayor Mike Concannon. “We have a thriving workforce, close proximity to major highways, and a spirit of innovation which we foster. We’re honored when trendsetters, like Boston Metal, make Woburn their home.” 

Boston Metal was spun out of MIT in 2013 and is headquartered in Woburn. They have over 100 employees and were recently included in Time Magazine’s list of “America's Top GreenTech Companies 2024”, alongside 27 other Massachusetts-based companies. Since 2017, Boston Metal has specifically been focused on reinventing the process at the core of the steel industry to reduce carbon emissions and fight climate change. 

"We are proud to be a part of the climate tech innovation ecosystem here in Massachusetts and appreciate Governor Healey's focus on ensuring our state takes a leadership position in the sector. Boston Metal is forging the next chapter in American steel manufacturing right here in Woburn, and Massachusetts can build on its legacy of firsts to be home to the green steel revolution,” said Tadeu Carneiro, Chairman & CEO, Boston Metal. 

Governor Healey is proposing a $1 billion, 10-year climatetech initiative to make Massachusetts the climate innovation lab for the world. The initiative would create jobs, support technology development and infrastructure to reduce emissions, and promote resilience locally. Massachusetts would be well positioned as a global leader in climatetech. The funds and programs would help companies start and scale in Massachusetts, creating well paying jobs across the state. The initiative has three core parts:  

1.Capital Funding: The bill would provide significant capital resources to MassCEC for the first time. Bond authorizations can support research and development, innovation, manufacturing, commercialization, and the deployment of climatetech technologies, including offshore wind, across Massachusetts.  

2.Tax Incentives: The bill would authorize funding for tax incentives, which will help ensure the state is competitive in attracting and retaining these businesses. The initiative proposes to establish a new Climatetech Tax Incentive Program to enable the state to invest in climatetech companies, expand employment opportunities and support research and development. The bill also seeks to continue implementation of the newly created Offshore Wind Tax Credit and proposes some strategic changes to further grow the program.  

3.Operating Funding: This ten-year strategy underscores the critical importance of annual operating support through the state budget process for MassCEC, which is instrumental in fostering the climatetech industry and training a clean energy workforce. Operating funds will enable MassCEC to deploy stable programming and initiatives to reach areas that capital programs and tax incentives aren’t able to reach. This includes workforce development initiatives, internships, strategic partnerships, and operations. 

"Massachusetts is a hub of innovation and a leader in the fight against climate change, and companies like Boston Metal are a significant part of our strategy to make Massachusetts the national leader in climatetech,” said Economic Development Secretary Yvonne Hao. “Our ten-year, $1 billion climatetech initiative aims to create the conditions that will allow cutting edge firms to drive future progress in this crucial sector for decades to come.” 

For more information about the Mass Leads Act, visit the Economic Development Bill website.