ArcelorMittal has invested USD 25M in TerraPower through its XCarb® Innovation Fund. TerraPower entered the nuclear energy arena because the company’s founders saw clean energy as the pathway to lift billions out of poverty. Its flagship technology is Natrium™, which features a cost-competitive sodium fast reactor combined with a molten salt energy storage system. This combination will provide clean, flexible energy and integrate seamlessly into power grids with high penetrations of renewables. TerraPower is experiencing significant growth, and is currently building its first Natrium™ reactor as part of the U.S. Department of Energy’s Advanced Reactor Demonstration Program (ARDP).
ArcelorMittal’s XCarb® Innovation Fund’s purpose is to supplement the Company’s own extensive decarbonisation technology development programme, by investing in early stage, breakthrough technologies which hold strong potential to contribute to the decarbonisation of steelmaking.
The fund targets investing in seven technology domains, namely: Disruption in steelmaking, Waste to gas or biocarbon, Gas reforming/gas transformation technologies, Disruptive hydrogen technologies, Carbon capture, utilisation and storage, Long-duration, large-scale energy storage technologies, and Clean energy technologies.