ArcelorMittal has launched a program to search for companies focused on breakthrough technologies to help to accelerate the decarbonization of the steel industry.
Clean tech start-ups are invited to submit applications through the Accelerator Programme for investment from ArcelorMittal’s XCarb Innovation Fund, which aims to invest up to $100 million/year in such transformative technologies, as well as have the opportunity to work together with ArcelorMittal across in R&D and commercially to speed up the development of their businesses, the company said in a statement May 25.
ArcelorMittal’s XCarb Innovation Fund was launched in March last year and has already committed $180 million in projects and technologies aimed at accelerating the decarbonization of the steel industry. So far, its investments have spanned four companies developing technologies in the fields of renewable energy, long-term energy storage, carbon recycling and green hydrogen.
Applicants will need to be registered start-ups with concepts for commercially scalable technologies to decarbonize steelmaking, with the first round of submissions due by June 20.
“The need to reduce GHG emissions is one of the greatest investment requirements of our time,” ArcelorMittal CEO Aditya Mittal said. “Steel can make a huge contribution to the decarbonization of the global economy and at ArcelorMittal we are committed to leading our industry’s efforts, and to accelerate the speed of our progress.”
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— Annalisa Villa