ArcelorMittal, a global steel and mining company, is launching the “XCarb™ innovation fund.”
The fund anticipates investing up to $100m annually in companies developing technologies with the potential to support and accelerate the transition to net zero carbon steelmaking. It will invest in a diversified portfolio of companies to ensure it captures the best and most important technologies under development.
The fund is a part of ArcelorMittal’s wider XCarb™ sustainability initiative launched today to drive progress towards carbon neutral steel.
To be eligible for funding, companies must be developing directly applicable, commercially scalable technologies that offer strong potential to decarbonise the steelmaking process.
The fund will be governed by an investment committee, comprising senior executive management members from functions and segments across the company’s global operations and chaired by the CEO.
Led by Aditya Mittal, CEO, ArcelorMittal is a steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 17 countries. In 2020, ArcelorMittal had revenues of $53.3 billion and crude steel production of 71.5 million metric tonnes, while iron ore production reached 58.0 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).