ArcelorMittal XCarb Innovation Fund

ArcelorMittal's XCarb Innovation Fund is a strategic initiative launched in 2021 to invest in companies developing breakthrough technologies that will accelerate the steel industry's transition to carbon-neutral steelmaking. The fund is part of ArcelorMittal's broader XCarb program, which encompasses various initiatives aimed at reducing the carbon footprint of steel production. The fund's investment committee is chaired by Aditya Mittal, ArcelorMittal's Chief Executive, and includes senior executive management members from across the company's global operations. The fund focuses on investing in companies developing directly applicable, commercially scalable technologies with strong potential to decarbonize the steelmaking process. It aims to build a diversified portfolio of companies and technologies, as there is no single solution to decarbonizing steelmaking. The fund has committed over $200 million across nine direct investments, targeting high-impact areas such as renewable energy, long-duration energy storage, carbon recycling, green hydrogen, and iron ore electrolysis. Beyond equity investment, the fund actively supports the commercialization of innovations through its accelerator program, launched in 2022. This program provides climate tech start-ups with hands-on mentorship, technical guidance, and research support to help them develop and scale their technologies. The inaugural winner, CHAR Technologies, received a $5 million investment for its high-temperature pyrolysis process, which converts organic waste streams into valuable energy outputs. The accelerator program has since expanded its global reach, including a partnership with the Indian Institute of Technology Madras (IIT Madras) in 2023, connecting the program with India's growing technology start-up ecosystem.

Developing technologies with strong potential to decarbonize steelmaking, Commercially scalable solutions, No geographic restrictions