ArcelorMittal makes further investment in Form Energy via XCarb® Innovation fund
ArcelorMittal has announced a $17.5 million investment in Form Energy Inc. through its XCarb® Innovation fund, aligning with Form's $450 million Series E financing round. This follows a previous investment of $25 million made in July 2021. Form Energy is focused on developing multi-day energy storage systems, crucial for a renewable electric grid. The company is currently narrowing down locations for its first manufacturing facility. Additionally, both companies are collaborating to develop tailored direct reduced iron for Form’s battery technology.
- ArcelorMittal's investment of $17.5 million supports Form Energy's innovative energy storage technology.
- The investment aligns with ArcelorMittal's goal to decarbonize steel production.
- Form Energy's technology development shows promising progress since the previous investment.
- Collaboration on direct reduced iron (DRI) could enhance battery technology and production efficiency.
- None.
4 October 2022, 16:30 CET
ArcelorMittal today announces it has invested a further
Form Energy was founded in 2017 and is developing, manufacturing, and commercialising a new class of cost-effective, multi-day energy storage systems that will enable a reliable and fully renewable electric grid year-round. It is currently engaged in a robust site selection process for its first full scale battery manufacturing facility. Starting with identifying over 100 initial sites across 16 states, Form has narrowed the site selection to three states and expects to make an announcement in this regard before the end of the year.
At the time of ArcelorMittal’s initial investment in Form, the two parties also signed a joint development agreement to explore the potential for ArcelorMittal to provide direct reduced iron (‘DRI’), tailored to specific requirements, to Form as the iron input into their battery technology. Work falling under this agreement to define the operational modifications to produce a specially modified DRI product for Form Energy’s batteries has progressed well and plans are being put in place for larger scale production trials.
Commenting, Irina Gorbounova, head of the XCarb® Innovation fund, ArcelorMittal, said:
“Form has made exciting progress in advancing the development of its technology since our initial investment last year, and we are pleased to further extend our involvement with them as they work towards establishing their first large scale manufacturing facility.
“Steel plants operate on a 24/7 basis so as we evolve our manufacturing processes to incorporate clean energy sources, sourcing solutions to overcome the intermittent nature of renewable energy has an important role to play in our decarbonisation journey. Companies like Form exemplify why we established the XCarb® Innovation fund; they can play an important role in helping our industry’s transition. Investing and partnering with companies through our fund not only helps them to develop their technologies faster, but it also leaves us well placed to directly benefit as the technology matures to industrial scale.”
The XCarb® Innovation fund was launched in March 2021. The fund supports ArcelorMittal’s ambition to lead the decarbonisation of the global steel industry. It builds on the industry-leading suite of decarbonisation technologies ArcelorMittal is developing and deploying by investing in companies which are developing technologies which hold the potential to support and accelerate the transition to low-carbon emissions – and ultimately net zero – steelmaking.
Since launch the fund has made investment commitments totalling
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2021, ArcelorMittal had revenues of
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
| Contact information ArcelorMittal Investor Relations | |
| General | +44 20 7543 1128 |
| Retail | +44 20 3214 2893 |
| SRI | +44 20 3214 2801 |
| Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
| Contact information ArcelorMittal Corporate Communications | |
| Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
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