ArcelorMittal makes firstinnovation fund investment in renewable energy

ArcelorMittal has made a $10 million investment in renewable energy technology company Heliogen from its innovation fund for sustainability, it announced on Tuesday June 8.

The XCarb innovation fund is part of ArcelorMittal's wider sustainability initiative, launched to drive progress toward carbon-neutral steel production.
In addition to the $10 million investment, ArcelorMittal and Heliogen have signed a Memorandum of Understanding (MoU) which will evaluate the potential of Heliogen's products and processes in several of ArcelorMittal's steel plants.

Heliogen's technology will harness solar energy by using a field of mirrors to concentrate sunlight, known as the heliostat method. The...

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