XCarb will is set to proivide $100m in funding for startups each year to support ArcelorMittal’s aim of carbon-neutral steel production.

Luxembourg-registered multinational steelmaker ArcelorMittal has set up a corporate venturing fund to invest up to $100m per year in startups that can help it transition to carbon-neutral steel production.

XCarb innovation fund will invest in companies “developing directly applicable, commercially scalable technologies that offer strong potential to decarbonise the steelmaking process,” ArcelorMittal said in a statement.

Aditya Mittal, ArcelorMittal’s CEO, said: “The fund we have launched today adds an exciting, complementary new element to our CO2 technology strategy. We will…

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James Mawson

James Mawson is founder and chief executive of Global Venturing.
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