Investment provided by XCarb Innovation Fund to accelerate steel decarbonization

ArcelorMittal, one of the world’s largest steel producers, announced its intention to invest $25 million in US nuclear power company Terra Power through its XCarb innovation fund. SteelOrbis reports about it.

XCarb is designed to invest in innovation that has the potential to accelerate the global steel industry’s transition to zero emissions and support industry decarbonisation.

“Terra Power is the perfect fit for our innovation fund,” said Irina Gorbunova, head of XCarb.

The XCarb Innovation Fund launched in March 2021. Since then, the company has made $122.5 million in steel decarbonization investments, including US electric services company Heliogen, renewable energy storage company From Energy, carbon recycling LanzaTech, H2Pro, and NerraPower.

As GMK Center reported, ArcelorMittal announced the start of implementation a ($1.31 billion) decarbonization project at ArcelorMittal’s Canadian subsidiary Dofasco in Hamilton, Ontario, Canada. The project aims to reduce ArcelorMittal’s annual carbon footprint in Hamilton by approximately 3 million tonnes over the next 7 years.

Also, ArcelorMittal South Africa and Sasol have signed a memorandum of understanding on cooperation in the field of green energy. The largest industrial enterprises in South Africa aim to achieve zero carbon emissions in their production by 2050.