ArcelorMittal Announced Remarkable Progress in Decarbonisation Efforts

SEATTLE (Scrap Monster): The XCarb Innovation Fund, launched in 2021, in support of decarbonisation efforts, has recorded substantial progress during the previous year, said latest press release by ArcelorMittal.

Over the past three years, the fund has made investments totalling $188.5 million in as many as seven different companies to accelerate decarbonisation technologies. During the previous year, the Fund made three investments totalling $66 million.

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The Fund made an investment of $36 million in Boston Metal in January 2023, in support of commercialising its molten oxide electrolysis (MOE) technology that uses clean electricity to transform iron ore into iron, thus removing carbon from steelmaking process. This was followed by an investment of $25 million in June into Bill Gates-founded TerraPower- a nuclear innovation company. Later in July, it announced investment of $5 million in Ontario-based CHAR Technologies.

The Fund has successfully launched two Accelerator Programmes- one global and one focused on India. Also, the portfolio companies achieved major decarbonisation milestones during the previous year.

The XCarb Innovation Fund was named the ’Impact Fund of the Year’, in recognition of its strong commitment to supporting clean technologies.