ArcelorMittal announces the launch of the XCarb ™ Innovation Fund, which will invest up to $ 100 million annually in companies that develop technologies that can support and accelerate the transition to zero carbon steel production. The fund is part of ArcelorMittal’s broader XCarb ™ sustainability initiative launched today to drive the shift towards carbon neutral steel.
To be eligible for funding, companies must develop directly applicable, commercially scalable technologies that offer great potential for decarbonizing the steelmaking process.
The fund will be governed by an investment committee composed of senior executives from various divisions and segments of the Company’s global operations, chaired by the CEO.
The XCarb ™ Innovation Fund will invest in a diversified portfolio of companies to ensure that the best and most critical technologies are under development.
Commenting, Aditya Mittal, CEO of ArcelorMittal, said:
“With the goal of achieving clean zero by 2050, furthering our efforts to reduce the carbon intensity of our steel is central to our long-term strategy. At the heart of these efforts is the work we are doing to develop and implement several breakthrough steelmaking technologies. We believe this could make carbon neutral steel production a reality. Technology adoption is progressing well, with pilot plants planned to be launched on an industrial scale next year.
“The foundation we launched today adds an exciting, additional element to our CO 2 technology strategy. We will strive to support emerging companies implementing new, potentially transformative technologies. This is another sign of our commitment to promoting technology that can help support the decarbonization of our company and our industry. ”