ArcelorMittal invests in renewable energy sources

Luxembourg-based steel company ArcelorMittal has announced its decision to invest in Heliogen, a US-based renewable energy (RES) technology company. This investment marks the completion of the first investment in the innovation fund XCarb, which began earlier in March this year.

The steelmaker announced an initial investment of $ 10 million in the company. In addition, the two companies signed a Memorandum of Understanding (MoU) to explore the possibilities of using innovative Heliogen products at ArcelorMittal's steel mills. Incidentally, the technological path of Innovative-DRI focuses on the use of hydrogen instead of natural gas.

Heliogen technology captures sunlight through mirrors, which are then converted into heat, electricity and clean fuel called HelioHeat, HelioPower and HelioFuel, respectively. All of these products can be used in steelmaking. For example, HelioHeat can be used to raise the temperature of the blast furnace air, thus avoiding the use of fossil fuels.

Pinakin Chaubal, CTO at ArcelorMittal, said the partnership will strengthen the company's ongoing decarbonization initiatives and help it make significant progress towards carbon neutrality by 2050.