ArcelorMittal makes US$5 million investment in H2Pro via XCarb™ innovation fund
On January 25, 2022, ArcelorMittal announced a US$5 million investment in H2Pro through its XCarb™ innovation fund, raising total commitments to US$180 million since March 2021. This investment is part of H2Pro's US$75 million Series B fundraising, aimed at developing a new hydrogen production technology with over 95% energy efficiency. H2Pro aims to produce hydrogen at costs below US$2/kg by 2023 and under US$1/kg by 2030. This marks the fifth investment by ArcelorMittal through its innovation fund, enhancing its commitment to sustainable energy solutions in steelmaking.
- Investment of US$5 million in H2Pro through XCarb™ fund enhances ArcelorMittal's commitment to green technology.
- H2Pro's E-TAC technology promises over 95% energy efficiency, significantly higher than existing methods.
- Targeting hydrogen production cost below US$2/kg by 2023 and under US$1/kg by 2030 indicates potential for significant cost savings.
- None.
25 January 2022, 20:00 CET
ArcelorMittal (‘the Company’) today announces it has made a US
The investment is part of a US
H2Pro is developing a disruptive way of producing hydrogen from water. Similar to electrolysis, its technology, E-TAC (Electrochemical – Thermally Activated Chemical), uses electricity to split water into hydrogen and oxygen. Unlike conventional electrolysis however, hydrogen and oxygen are generated separately in different steps – an Electrochemical step and a Thermally Activated Chemical step.
The technology was developed at Technion, Israel Institute of Technology. E-TAC water splitting offers energy efficiency of over
H2Pro was founded in 2019 by three leading hydrogen experts from Technion, Dr. Hen Dotan, Professor Gideon Grader and Professor Avner Rothschild, and Talmon Marco. Talmon previously co-founded Viber, a messaging app which was acquired by Rakuten Inc. for US
Commenting, Pinakin Chaubal, chief technology officer, ArcelorMittal said:
“The potential green hydrogen holds to deliver deep decarbonisation of the steelmaking process is well understood. Although the technology required to directly reduce iron ore using hydrogen still needs to mature, the greater challenge with this new method of ironmaking is the cost and availability of the energy input – green hydrogen.
“Given H2Pro’s focus on developing a novel technology which aims to produce green hydrogen in an energy efficient manner at competitive costs, it is a very welcome and natural addition to our XCarb™ innovation fund investment portfolio. Although at an early stage, E-TAC is a very exciting technology and we look forward to working with the H2Pro team as it seeks to move it into commercial production.”
Talmon Marco, CEO, H2Pro added:
“Green hydrogen is one of a small number of tools in the world’s decarbonisation toolbox. To become a viable tool, green hydrogen needs to be cheaper -- much cheaper. Over the last couple of years, we’ve made tremendous progress and with this round of funding we’re not only on track to deliver on our promise of cheap green hydrogen technology, but we will also be able to setup manufacturing.”
H2Pro is the fifth investment ArcelorMittal has made through its XCarb™ innovation fund. The Company has previously invested:
- An initial US
$10 million in Heliogen, a renewable energy technology company that focuses on ‘unlocking the power of sunlight to replace fossil fuels’, supplemented by a further US$10 million investment at the time of Heliogen’s recent IPO. - US
$25 m illion in Form Energy, which is developing a breakthrough low-cost iron-air battery storage technology. - US$30 million in LanzaTech, a carbon recycling company with which ArcelorMittal has a
€180 million carbon capture and re-use project underway at its steel plant in Ghent, Belgium. - And committed US
$100 million over five years in Breakthrough Energy’s Catalyst program, an initiative Bill Gates founded to scale the technologies the world needs to reach net-zero emissions by 2050.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 17 countries. In 2020, ArcelorMittal had revenues of
Our goal is to help build a better world with smarter steels. 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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