ArcelorMittal XCarb Innovation Fund Announced Investment in Cutting-Edge Gas Processing Technology

SEATTLE (Scrap Monster): ArcelorMittal declared that it has invested $5 million in Utility Global, through its XCarb Innovation Fund. This is a portion of the $53 million fundraising campaign for Utility Global.

Utility Global has developed a reactor, capable of processing variable industrial process into high purity hydrogen and a concentrated carbon dioxide stream. The hydrogen thus produced can be recirculated to be used in place of natural gas in the steelmaking process.

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Utility Global has developed a reactor, capable of processing variable industrial process into high purity hydrogen and a concentrated carbon dioxide stream. The hydrogen thus produced can be recirculated to be used in place of natural gas in the steelmaking process. The high purity of the concentrated carbon dioxide stream will help to cut the cost of subsequent carbon capture and sequestration processes.

Additionally, ArcelorMittal and Utility Global have reached an agreement that allows Utility Global to look into hosting pilot plants at ArcelorMittal locations. After the technology is commercialized, one of ArcelorMittal's integrated steel factories may house a sizable commercial operation.

Irina Gorbounova, Head of XCarb Innovation Fund, commented on the development and pointed out that Utility Global's technology platform is scalable and reasonably priced, making it a desirable investment choice for the Fund. She continued, saying that it is excited to collaborate with the business to help the commercialization of the eXERO technology.