ArcelorMittal Announced Initial Investment in Renewable Energy Technology Company

SEATTLE (Scrap Monster): Luxembourg-based steelmaker ArcelorMittal announced its decision to invest in Heliogen-a renewable energy (RE) technology company based in the U.S. The investment marks the completion of its first XCarb innovation fund investment launched earlier in March this year.

The steelmaker announced an initial investment of $10 million in the company. In addition, the two companies have signed a Memorandum of Understanding (MoU), which aims to explore the possibilities of using Heliogen’s innovative products in ArcelorMittal’s steel plants. Incidentally, the company’s Innovative-DRI technology pathway emphasizes the use of hydrogen in place of natural gas.

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Heliogen’s technology captures sunlight using mirrors, which are then converted into heat, electricity and clean fuels, which are called HelioHeat, HelioPower and HelioFuel respectively. All these products could be applied to steelmaking process. For instance, HelioHeat could be used to boost the temperature of air blown into a blast furnace, thus avoiding the use of fossil fuel.

Pinakin Chaubal, Chief Technology Officer, ArcelorMittal said that the partnership will enhance the company’s ongoing decarbonisation initiatives and help it to make good progress towards its goal of achieving carbon-neutrality by 2050.