ArcelorMittal invest through its XCarb innovation fund

ArcelorMittal announced the completion of its first XCarb™ innovation fund investment since launching the initiative in March 2021. The Company has invested an initial USD 10M 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™ 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% green hydrogen, which Heliogen is working to develop as its first HelioFuel™.

In addition, 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.