ArcelorMittal makes first investment through its XCarb™ innovation fund
June 08 2021 - 2:00AM
Initial $10 million investment part of broader
partnership established with Heliogen
8 June 2021,
08:00
CET
ArcelorMittal (‘the Company’) today announces the completion of
its first XCarb™ innovation fund investment since launching the
initiative in March 2021. The Company has invested an initial $10
million in Heliogen, a renewable energy technology company which
focuses on ‘unlocking the power of sunlight to replace fossil
fuels’.
Heliogen’s technology will harness solar energy by using a field
of mirrors which will act as a multi-acre magnifying glass to
concentrate and capture sunlight. The sunlight will then be
subsequently converted into heat (HelioHeat™), electricity
(HelioPower™) or clean fuels (HelioFuel™).
All three Heliogen products have the potential to be applicable
to the steelmaking process and support the steel industry’s
transition to carbon-neutrality. HelioHeat™, for example, could be
used to increase the temperature of air blown into a blast furnace,
offsetting the use of fossil fuel. The Heliogen technology will
also be capable of creating 100 per cent green hydrogen, which
Heliogen is working to develop as its first HelioFuel™. Hydrogen
sits at the heart of ArcelorMittal’s Innovative-DRI technology
pathway, which involves using hydrogen instead of natural gas as
the reductant in the production of direct reduced iron.
In addition to the $10 million investment, ArcelorMittal and
Heliogen have signed a Memorandum of Understanding which aims to
evaluate the potential of Heliogen’s products in several of
ArcelorMittal’s steel plants.
Commenting, Pinakin
Chaubal, Chief Technology
Officer, ArcelorMittal, said:
“Developing and deploying breakthrough technologies is at the
heart of our climate action strategy. While our own efforts are
progressing well, the objective of our XCarb™ Innovation fund is to
extend our reach and support companies developing technologies
which could assist us on our decarbonisation journey. The
technology Heliogen is developing has the potential to do exactly
that.
“Moreover, the partnership we have established with Heliogen
goes beyond investment. The MoU we have signed means we are
actively exploring working with them to deploy their technologies
in our steel plants, enhancing our ongoing programme of
decarbonisation initiatives. Establishing partnerships of this kind
has an important role to play in ensuring we succeed in our
ambition to lead our industry’s efforts to decarbonise, and reach
carbon-neutrality by 2050.”
Bill Gross, CEO and
Founder,
Heliogen,
added:
“The future of our planet and civilization
hinges on the global economy’s ability to shift from its reliance
on fossil fuels to clean, renewable energy. We founded Heliogen to
eliminate the need for fossil fuels in all sectors of the economy
and to empower a sustainable future. We’re thrilled to welcome
ArcelorMittal as an investor in the company.”
“We’re also excited to begin working with
ArcelorMittal to explore how our technology can support its
significant decarbonization efforts. Heliogen’s Sunlight Refinery™,
which will cost-effectively deliver 24/7 carbon-free energy in the
form of heat, electricity, or hydrogen fuels at scale for the first
time in history, was designed for use by a spectrum of industries,
including steel. Together, ArcelorMittal and Heliogen can
meaningfully help the world achieve carbon neutrality.”
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading 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.
Our goal is to help build a better world with
smarter steels. Steels made using innovative processes which use
less energy, emit significantly less carbon and reduce costs.
Steels that are cleaner, stronger and reusable. Steels for electric
vehicles and renewable energy infrastructure that will support
societies as they transform through this century. With steel at our
core, our inventive people and an entrepreneurial culture at heart,
we will support the world in making that change. This is what we
believe it takes to be the steel company of the future.
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).
For more information about ArcelorMittal please
visit: http://corporate.arcelormittal.com/
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