XCarb® Innovation Fund Accelerator Programme
The XCarb® Accelerator Programme has been created to support breakthrough technology start-ups which hold the potential to accelerate the decarbonisation of the steel industry.
ArcelorMittal launches ‘XCarb™ innovation fund’
ArcelorMittal (‘the Company’) today announces it is launching the ‘XCarb™ innovation fund’, which anticipates investing up to $100 million annually in companies developing technologies with the potential to support and accelerate the transition to net zero carbon steelmaking. 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.
The ‘XCarb™ innovation fund’ will invest in a diversified portfolio of companies to ensure it captures the best and most important technologies under development.