ArcelorMittal to invest $100 mln in decarbonization technologies with Bill Gates

ArcelorMittal is preparing to invest $100 million from its innovation fund into a company founded by Bill Gates, best known as the founder of Microsoft, to develop decarbonization technologies, it announced on Monday September 20.

The $100 million equity investment in Gates’ Breakthrough Energy will be made over five years via ArcelorMittal’s XCarb innovation fund, and will go toward scaling-up the technologies needed to achieve net-zero carbon emissions by 2050.
The XCarb fund was launched earlier this year to invest in technology that will accelerate the transition to net-zero-carbon steelmaking.
Investments made so far include $10 million in renewable energy company Heliogen and $25 million in the development of energy storage technology by Form Energy.

ArcelorMittal has launched several projects across its European assets in attempts to reduce its carbon...

Published

Carrie Bone

September 21, 2021

12:22 GMT

London