Luxembourg-registered multinational steelmaker ArcelorMittal has set up a corporate venturing fund to invest up to $100m per year in startups that can help it transition to carbon-neutral steel production.
XCarb innovation fund will invest in companies “developing directly applicable, commercially scalable technologies that offer strong potential to decarbonise the steelmaking process,” ArcelorMittal said in a statement.
Aditya Mittal, ArcelorMittal’s CEO, said: “The fund we have launched today adds an exciting, complementary new element to our CO2 technology strategy. We will be seeking to support emerging companies that are pioneering new potentially transformative technologies.
“It is a further sign of our commitment to aiding the development of technologies which can help to support the decarbonisation of our company and our industry.”
XCarb will bring together all of ArcelorMittal’s reduced, low and zero-carbon products and steelmaking activities, as well as wider initiatives and green innovation projects, into a single effort focused on achieving demonstrable progress towards carbon-neutral steel.
ArcelorMittal, along with the Flemish Region, already backs Finindus, an investment firm providing early stage and growth financing to innovative technology companies in materials, material processing, sustainable manufacturing and digital industry.
In addition to the fund, XCarb will also offer green steel certificates and recycled and renewably produced products.
