Carbon capture and upcycling is one of the avenues ArcelorMittal is pursuing to cut fossil fuel out of the steel making picture.
In the latest development, yesterday the company announced that it is not waiting around for the latest carbon-cutting innovation to come around. It is going for the fossil fuel throat with the new $100 million “XCarb™ Accelerator Programme,” aimed atThe new XCarb program is a competitive funding platform supported through ArcelorMittal’s existing XCarb Innovation Fund, and they are not beating around the bush.
“Aligned with ArcelorMittal’s purpose, ‘Smarter steels for people and planet’, the XCarbTM Innovation Fund invests in companies with the potential to accelerate the transition to low, and ultimately zero, carbon emissions steelmaking, enabling them to develop more quickly and achieve the scale needed for their technologies to become commercially viable,” the company explains.
Along with the cash, the winning firms will also get access to ArcelorMittal’s mighty resources, including brain power, research centers, commercial guidance, protection of intellectual property, and the potential for global rollout.
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