ArcelorMittal’s XCarb® Innovation fund invests in Utility Global to progress its gas processing technology
ArcelorMittal has invested $5 million in Utility Global through its XCarb® Innovation Fund, as part of Utility Global's $53 million Series C fundraising round. Utility Global has developed a patented reactor that processes industrial gases into high-purity hydrogen and a concentrated CO2 stream without using electricity. This technology has potential for decarbonising steelmaking by replacing natural gas with hydrogen and simplifying carbon capture.
ArcelorMittal has also entered a collaboration agreement to accelerate the technology's commercial adoption, exploring opportunities to host pilot plants at its facilities. The XCarb® Innovation Fund, launched in 2021, has committed to investments in eight companies covering various decarbonisation technologies and is an anchor partner in Breakthrough Energy's Catalyst program with a $100 million commitment over five years.
ArcelorMittal ha investito 5 milioni di dollari in Utility Global attraverso il suo XCarb® Innovation Fund, come parte del round di raccolta fondi di serie C di 53 milioni di dollari di Utility Global. Utility Global ha sviluppato un reattore brevettato che trasforma i gas industriali in idrogeno ad alta purezza e in un flusso concentrato di CO2 senza utilizzare elettricità. Questa tecnologia ha il potenziale per decarbonizzare la produzione di acciaio sostituendo il gas naturale con l'idrogeno e semplificando la cattura della carbonio.
ArcelorMittal ha anche stipulato un accordo di collaborazione per accelerare l'adozione commerciale della tecnologia, esplorando opportunità per ospitare impianti pilota presso le sue strutture. Il XCarb® Innovation Fund, lanciato nel 2021, ha impegnato investimenti in otto aziende che coprono varie tecnologie di decarbonizzazione ed è un partner fondamentale nel programma Catalyst di Breakthrough Energy con un impegno di 100 milioni di dollari su cinque anni.
ArcelorMittal ha invertido 5 millones de dólares en Utility Global a través de su XCarb® Innovation Fund, como parte de la ronda de financiación Serie C de 53 millones de dólares de Utility Global. Utility Global ha desarrollado un reactor patentado que convierte gases industriales en hidrógeno de alta pureza y en una corriente concentrada de CO2 sin utilizar electricidad. Esta tecnología tiene el potencial de descarbonizar la producción de acero al reemplazar el gas natural con hidrógeno y simplificar la captura de carbono.
ArcelorMittal también ha firmado un acuerdo de colaboración para acelerar la adopción comercial de la tecnología, explorando oportunidades para albergar plantas piloto en sus instalaciones. El XCarb® Innovation Fund, lanzado en 2021, se ha comprometido a inversiones en ocho empresas que cubren varias tecnologías de descarbonización y es un socio clave en el programa Catalyst de Breakthrough Energy con un compromiso de 100 millones de dólares durante cinco años.
아르셀로 미탈은 유틸리티 글로벌에 500만 달러를 XCarb® 혁신 기금을 통해 투자했으며, 이는 유틸리티 글로벌의 5300만 달러 시리즈 C 펀딩 라운드의 일환입니다. 유틸리티 글로벌은 산업 가스를 고순도 수소와 전기를 사용하지 않고 농축된 CO2 스트림으로 처리하는 특허받은 반응기를 개발했습니다. 이 기술은 천연가스를 수소로 대체하고 탄소 포집을 단순화함으로써 철강 제조의 탈탄소화에 가능성이 있습니다.
아르셀로 미탈은 또한 기술의 상업적 채택을 가속화하기 위한 협력 계약을 체결하여 시설에서 파일럿 플랜트를 운영할 기회를 탐색하고 있습니다. 2021년에 출시된 XCarb® 혁신 기금은 다양한 탈탄소화 기술을 다루는 여덟 개 기업에 대한 투자를 약속했으며, Breakthrough Energy의 Catalyst 프로그램에서 5년 동안 1억 달러를 약속한 핵심 파트너입니다.
ArcelorMittal a investi 5 millions de dollars dans Utility Global via son XCarb® Innovation Fund, dans le cadre de la levée de fonds de 53 millions de dollars de Utility Global pour la série C. Utility Global a développé un réacteur breveté qui transforme les gaz industriels en hydrogène de haute pureté et en un flux concentré de CO2 sans utiliser d'électricité. Cette technologie a le potentiel de décarboniser la production d'acier en remplaçant le gaz naturel par de l'hydrogène et en simplifiant la capture du carbone.
ArcelorMittal a également conclu un accord de collaboration pour accélérer l'adoption commerciale de la technologie, explorant des possibilités d'accueillir des usines pilotes dans ses installations. Le XCarb® Innovation Fund, lancé en 2021, s'est engagé à investir dans huit entreprises couvrant diverses technologies de décarbonisation et est un partenaire clé dans le programme Catalyst de Breakthrough Energy avec un engagement de 100 millions de dollars sur cinq ans.
ArcelorMittal hat 5 Millionen Dollar in Utility Global über seinen XCarb® Innovation Fund investiert, im Rahmen der 53 Millionen Dollar schweren Serie-C-Finanzierungsrunde von Utility Global. Utility Global hat einen patentierten Reaktor entwickelt, der industrielle Gase in hochreines Wasserstoff und einen konzentrierten CO2-Strom umwandelt, ohne Strom zu verwenden. Diese Technologie hat das Potenzial, die Dekarbonisierung der Stahlproduktion voranzutreiben, indem Erdgas durch Wasserstoff ersetzt und die CO2-Abscheidung vereinfacht wird.
ArcelorMittal hat auch eine Zusammenarbeit vereinbart, um die kommerzielle Einführung der Technologie zu beschleunigen und Möglichkeiten zu erkunden, Pilotanlagen in seinen Einrichtungen zu betreiben. Der XCarb® Innovation Fund, der 2021 ins Leben gerufen wurde, hat Investitionen in acht Unternehmen getätigt, die verschiedene Dekarbonisierungstechnologien abdecken, und ist ein wichtiger Partner im Catalyst-Programm von Breakthrough Energy mit einem Engagement von 100 Millionen Dollar über fünf Jahre.
- Investment of $5 million in Utility Global's innovative gas processing technology
- Potential for cost-effective and scalable decarbonisation in steelmaking
- Collaboration agreement to accelerate commercial adoption of the technology
- Diversified portfolio of investments in decarbonisation technologies
- None.
Insights
ArcelorMittal’s XCarb® Innovation fund invests in Utility Global to progress its gas processing technology
25 September 2024, 16:00 CET
ArcelorMittal (the ‘Company’) today announces it has invested
Utility Global has developed a patented reactor which processes variable industrial process gases, without the use of electricity, into high-purity hydrogen and a concentrated CO2 stream that can be captured and stored. The hydrogen produced can be recirculated into the steelmaking process to replace natural gas, while the purity of the concentrated CO2 stream significantly simplifies and reduces the cost of subsequent carbon capture and sequestration - an important solution for decarbonising steelmaking.
In addition to the investment, ArcelorMittal has entered into a collaboration agreement to accelerate the technology for commercial adoption, by exploring opportunities to host pilot plants at ArcelorMittal facilities with an option to progress to large scale commercial facility at one of ArcelorMittal’s integrated steel plants.
Commenting, Irina Gorbounova, Head of the XCarb® Innovation fund, said:
“For hard-to-abate sectors like steel, decarbonisation technologies need to be cost effective and scalable. Utility Global’s eXERO™ technology platform has the potential to be both, which is what makes it an attractive investment for our Innovation Fund.
“It is a welcome addition to the broad portfolio of investments which reside in the Fund, and we look forward to working alongside Utility Global’s management team to support the commercialisation of the eXERO™ technology.”
Since its launch ArcelorMittal’s XCarb® Innovation Fund has committed to investments in eight companies covering a range of decarbonisation technologies – renewable energy, long duration energy storage, carbon capture and utilisation, green hydrogen production, nuclear energy, molten oxide electrolysis and biochar production. The Fund is also an anchor partner in Breakthrough Energy’s Catalyst program, having committed to investing
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia, including India, through its joint venture AM/NS India.
ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of
Our purpose is to produce smarter steels 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 the 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.
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 |
FAQ
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