Loading price data
SEATTLE (Scrap Monster): Luxembourg-headquartered ArcelorMittal announced investment of $30 million in carbon recycling company LanzaTech. The investment, through the XCarb Innovation Fund, is the fourth such investment by ArcelorMittal since its launch in March this year.
It must be noted that ArcelorMittal had entered into partnership with LanzaTech in 2015, when it decided to use latter’s carbon-capture and re-use technology at its Ghent, Belgium plant. The €180 million flagship carbon capture and re-use technology project has obtained funding from the European Union's Horizon 2020 program, the European Investment Bank and the Belgian and Flemish governments and is expected to be commissioned before the end of next year.
ALSO READ:
ArcelorMittal-Nippon Steel Joint Venture Announced Major Expansion Plan
ArcelorMittal Launched New Share Buyback Program
The plant will reduce ArcelorMittal Ghent’s carbon dioxide emissions by 125,000 tonnes per year. In addition, it will produce 80 million litres per year of bio-ethanol, which could be used as a low-carbon alternative fuel.
Commenting on the development, Pinakin Chaubal, Chief Technology Officer, ArcelorMittal said that extending its relationship with LanzaTech is a natural next step and that it is pleased to have an excellent CCU technology company within its XCarb innovation fund portfolio.
