ArcelorMittal Became Anchor Partner of Breakthrough Energy’s Catalyst Program

SEATTLE (Scrap Monster): The Luxembourg-based integrated steelmaker ArcelorMittal announced that it has joined Bill-Gates-headed Breakthrough Energy’s Catalyst program as an anchor partner. The company will make $100 million equity investment over a period of five years through XCarb innovation fund.

The above investment will be made in companies that develop technologies capable of supporting and accelerating the transition to zero-carbon emissions steelmaking. Till date, the company has invested $10 million in Heliogen, which uses sunlight to replace fossil fuels. Also, it has invested $25 million in Form Energy, which targets to develop innovative energy storage technology.

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Commenting on the development, Aditya Mittal, CEO, ArcelorMittal said that there are there are many interesting new companies and technologies that will help the world decarbonize. The association with Breakthrough Energy Catalyst will help these companies accelerate their contribution, he added.

The investment from ArcelorMittal will be used to fund the Breakthrough Energy Catalyst project, which aims to finance, produce and buy new solutions that will help underpin a zero-carbon economy.