ArcelorMittal Completed Investment in XCarb Innovation Fund

SEATTLE (Scrap Monster): Luxembourg-based steelmaker ArcelorMittal announced that it has completed the second investment in its XCarb innovation fund.

 The $25 million equity injection makes it the lead investor in Form Energy’s $200 million financing round. In addition, a joint development agreement was signed between both the parties to explore ArcelorMittal’s potential to provide iron to Form Energy, which will be used in their battery technology. It must be noted that ArcelorMittal had made $10 million investment in June this year in Heliogen- a renewable energy technology company that focuses on solar energy.

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Founded in 2017, Form Energy has been engaged in efforts to develop a low-cost energy storage technology. It had recently unveiled a low-cost, highly reliable and scalable iron-air battery.

Commenting on the investment, Greg Ludkovsky, global head of research and development at ArcelorMittal said that the multi-day energy storage technology developed by Form Energy has the potential to overcome the issue of intermittent supply of renewable energy. Meantime, Mateo Jaramillo, CEO and co-founder, Form Energy said that it is pleased to welcome ArcelorMittal as a business partner and investor.