ArcelorMittal SA (AMS:MT) has invested an initial USD 10 million (EUR 8.2m) in US renewable energy technology company Heliogen to support the steel producer's decarbonisation efforts.
This is the first investment by ArcelorMittal’s XCarb innovation fund, the steelmaker said today.
Heliogen, whose backers include Bill Gates, has developed a concentrated solar technology that uses an array of mirrors to concentrate and capture sunlight. The sunlight can then be turned into heat, electricity or clean fuel like hydrogen, which Heliogen is working to develop as its first HelioFuel.
ArcelorMittal said that all three Heliogen products -- HelioHeat, HelioPower and HelioFuel -- could be used in the steelmaking process and help the steel industry progress towards carbon neutrality.
ArcelorMittal and Heliogen have also signed a memorandum of understanding, under which the potential of Heliogen’s products in several ArcelorMittal steel plants will be studied.
“Heliogen’s Sunlight Refinery™, which will cost-effectively deliver 24/7 carbon-free energy in the form of heat, electricity, or hydrogen fuels at scale for the first time in history, was designed for use by a spectrum of industries, including steel,” said Heliogen chief executive and founder Bill Gross.
(USD 1.0 = EUR 0.821)
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