ArcelorMittal Declared Massive Investment in Nuclear Innovation Company

SEATTLE (Scrap Monster): Luxembourg-based leading steelmaker ArcelorMittal announced investment of $25 million in nuclear innovation company TerraPower. The investment, through its XCarb Innovation Fund, will support the recently concluded $830 million equity raise program by TerraPower.

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TerraPower has been a major investor in developing and implementing modern nuclear technologies over the past decade or so. The company is currently constructing a new facility that employs its flagship Natrium technology at Kemmerer, Wyoming. The facility, which also features a 345 MWe sodium fast reactor alongside an energy storage system, is expected to become online before the end of the decade.

ArcelorMittal had launched the XCarb Innovation Fund in March 2021, with the aim of investing in pathbreaking technologies that lead to decarbonisation of the steelmaking process. Since the launch of the fund, it has made investments in five companies, totalling $122.5 million, with TerraPower being the latest.

Irina Gorbounova, Head of XCarb Innovation Fund noted that the company had been in discussions with TerraPower for some time and that it was very much impressed by the quality and ambition of its technology and employees. The company is a perfect fit for its Innovation Fund, she added.