ArcelorMittal’s XCarb® Innovation fund invests in Utility Global to progress its gas processing technology
Rhea-AI Summary
ArcelorMittal has invested $5 million in Utility Global through its XCarb® Innovation Fund, as part of Utility Global's $53 million Series C fundraising round. Utility Global has developed a patented reactor that processes industrial gases into high-purity hydrogen and a concentrated CO2 stream without using electricity. This technology has potential for decarbonising steelmaking by replacing natural gas with hydrogen and simplifying carbon capture.
ArcelorMittal has also entered a collaboration agreement to accelerate the technology's commercial adoption, exploring opportunities to host pilot plants at its facilities. The XCarb® Innovation Fund, launched in 2021, has committed to investments in eight companies covering various decarbonisation technologies and is an anchor partner in Breakthrough Energy's Catalyst program with a $100 million commitment over five years.
Positive
- Investment of $5 million in Utility Global's innovative gas processing technology
- Potential for cost-effective and scalable decarbonisation in steelmaking
- Collaboration agreement to accelerate commercial adoption of the technology
- Diversified portfolio of investments in decarbonisation technologies
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, MT declined 1.36%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ArcelorMittal’s XCarb® Innovation fund invests in Utility Global to progress its gas processing technology
25 September 2024, 16:00 CET
ArcelorMittal (the ‘Company’) today announces it has invested
Utility Global has developed a patented reactor which processes variable industrial process gases, without the use of electricity, into high-purity hydrogen and a concentrated CO2 stream that can be captured and stored. The hydrogen produced can be recirculated into the steelmaking process to replace natural gas, while the purity of the concentrated CO2 stream significantly simplifies and reduces the cost of subsequent carbon capture and sequestration - an important solution for decarbonising steelmaking.
In addition to the investment, ArcelorMittal has entered into a collaboration agreement to accelerate the technology for commercial adoption, by exploring opportunities to host pilot plants at ArcelorMittal facilities with an option to progress to large scale commercial facility at one of ArcelorMittal’s integrated steel plants.
Commenting, Irina Gorbounova, Head of the XCarb® Innovation fund, said:
“For hard-to-abate sectors like steel, decarbonisation technologies need to be cost effective and scalable. Utility Global’s eXERO™ technology platform has the potential to be both, which is what makes it an attractive investment for our Innovation Fund.
“It is a welcome addition to the broad portfolio of investments which reside in the Fund, and we look forward to working alongside Utility Global’s management team to support the commercialisation of the eXERO™ technology.”
Since its launch ArcelorMittal’s XCarb® Innovation Fund has committed to investments in eight companies covering a range of decarbonisation technologies – renewable energy, long duration energy storage, carbon capture and utilisation, green hydrogen production, nuclear energy, molten oxide electrolysis and biochar production. The Fund is also an anchor partner in Breakthrough Energy’s Catalyst program, having committed to investing
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia, including India, through its joint venture AM/NS India.
ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of
Our purpose is to produce smarter steels for people and planet. 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 the 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.
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.
| Contact information ArcelorMittal Investor Relations | |
| General | +44 20 7543 1128 |
| Retail | +44 20 3214 2893 |
| SRI | +44 20 3214 2801 |
| Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
| Contact information ArcelorMittal Corporate Communications | |
| Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
FAQ
How much did ArcelorMittal (MT) invest in Utility Global?
What is the potential benefit of Utility Global's technology for ArcelorMittal (MT)?
How many companies has ArcelorMittal's (MT) XCarb® Innovation Fund invested in so far?
What is ArcelorMittal's (MT) commitment to Breakthrough Energy's Catalyst program?
