ArcelorMittal Announced Further Investment in Form Energy via XCarb Innovation Fund

SEATTLE (Scrap Monster): ArcelorMittal announced further investment of $17.5 million in Form Energy Inc. via its XCarb Innovation Fund. This is the second investment by ArcelorMittal in the company. It had earlier made an initial investment of $25 million in Form Energy Inc. in July last year.

The two parties had earlier signed an agreement to jointly explore the potential of ArcelorMittal in providing direct reduced iron to Form into their battery technology. The works on operational modifications towards production of specially modified DRI product have made significant progress and is ready to undergo large scale production trials, the ArcelorMittal press release noted.

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Commenting on the investment, Irina Gorbounova, Head of the XCarb Innovation Fund noted that the company is pleased to extend its involvement with Form at a time when it is moving forward with plans to establish their first large scale manufacturing facility. ArcelorMittal will be a direct beneficiary as the technology matures to industrial scale, Gorbounova added.

Launched March last year, the XCarb Innovation Fund is part of the company’s ambition to lead the decarbonisation of the global steel industry.