ArcelorMittal joins Breakthrough Energy’s Catalyst program as anchor partner
September 20 2021 - 2:00AM
$100 million equity investment to be
made over five years through XCarb™ innovation
fund
20 September
2021,
08:00
CET
ArcelorMittal (‘the Company’) today announces it has become an
anchor partner in Breakthrough Energy’s Catalyst program,
committing to an equity investment of $100 million over the next
five years.
Founded by Bill Gates, Breakthrough Energy is committed to
scaling the technologies the world needs to reach net-zero
emissions by 2050. Breakthrough Energy’s efforts include investment
vehicles, philanthropic programs, policy advocacy, and other
initiatives, including Catalyst.
Catalyst, launched earlier this year, is a new model for how
companies, governments, and private philanthropy can finance,
produce, and ensure widespread adoption of next-generation clean
technologies. The program will initially focus on four
decarbonisation technologies: direct air capture (DAC); green
hydrogen; long-duration energy storage (LDS); and sustainable
aviation fuel (SAF).
ArcelorMittal’s investment will be made through its XCarb™
innovation fund which was launched earlier this year. The Company
anticipates investing up to $100 million annually through the fund
in companies developing technologies with the potential to support
and accelerate the transition to zero-carbon emissions steelmaking.
To date, ArcelorMittal has invested $10 million in Heliogen, a
renewable energy company which focuses on unlocking the power of
sunlight to replace fossil fuels, and $25 million in Form Energy,
which is working on the development of its breakthrough energy
storage technology.
Commenting, Aditya
Mittal, CEO,
ArcelorMittal said:
“The Catalyst program is innovative and necessary. It brings
together public and private finance with the objective of
fast-tracking the deployment of projects which can deliver
significant carbon reduction. For ArcelorMittal and the steel
industry this kind of initiative is critically important. The steel
industry knows how to decarbonise – essentially what is missing is
the availability of clean energy at competitive prices that
provides the foundation for us to really accelerate. That’s
why, after discussing the purpose of Catalyst with Bill, we were
very happy to join as an anchor partner. Achieving net zero by
2050 needs a coordinated global drive the likes of which the world
has never seen before. ArcelorMittal has its own comprehensive
plan to decarbonise – with the first step being to achieve our
group target of reducing emissions intensity by 25% by 2030 – but
partnerships to scale up and accelerate progress are
vital. There are so many interesting new companies and
technologies that will help the world decarbonise – through both
our XCarb™ fund and now Breakthrough Energy Catalyst we look
forward to helping these companies accelerate their
contribution.”
Bill Gates, Founder,
Breakthrough Energy added:
“Avoiding a climate disaster will require a new industrial
revolution. We need to make the technologies and products that
don’t cause emissions as cheap as those that do, so the whole world
can afford them and reach our climate goals. Through Catalyst,
leaders from across the private and public sectors are coming
together to focus on supporting technologies that are vital to the
world reaching net-zero emissions but are currently too expensive
to be adopted at scale. By coordinating investments and directing
them toward these critical technologies, we can reduce their Green
Premiums and help them get to market faster, so we can all reach
our climate goals.”
ArcelorMittal recently published its second group climate action
report in which it announced a 2030 global CO2e intensity reduction
target of 25% and increased its European 2030 CO2e intensity
reduction target to 35%. The Company had previously, in September
2020, announced its ambition to reach net zero by 2050. The report
outlined the five key levers – steelmaking transformation, energy
transformation, increased use of scrap, sourcing clean electricity
and offsetting residual emissions – identified as the stepping
stones to achieving net zero by 2050. It also detailed several of
the projects the Company is undertaking to reach its 2030 reduction
target. These include plans to create the world’s first zero carbon
emissions steel plant in Sestao, Spain and convert its Canadian
flat steel operations to DRI-EAF steelmaking through a CAD$1.8
billion investment which will reduce CO2 emissions by
60%.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and
mining company, with a presence in 60 countries and primary
steelmaking facilities in 17 countries. In 2020, ArcelorMittal had
revenues of $53.3 billion and crude steel production of 71.5
million metric tonnes, while iron ore production reached 58.0
million metric tonnes.
Our goal is to help build a better world with
smarter steels. 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 electric
vehicles and 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. This is what we
believe it takes to be the steel company of the future.
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/
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