ArcelorMittal’s XCarb Innovation Fund Invests in Heliogen
ArcelorMittal announced the completion of its first XCarb innovation fund investment since launching the initiative in March 2021. The Company has
ArcelorMittal announced the completion of its first XCarb innovation fund investment since launching the initiative in March 2021. The Company has invested an initial USD 10 million in Heliogen, a renewable energy technology company which focuses on unlocking the power of sunlight to replace fossil fuels. Heliogen’s technology will harness solar energy by using a field of mirrors which will act as a multi acre magnifying glass to concentrate and capture sunlight. The sunlight will then be subsequently converted into heat HelioHeat, electricity HelioPower or clean fuels HelioFuel. All three Heliogen products have the potential to be applicable to the steelmaking process and support the steel industry’s transition to carbon-neutrality.
HelioHeat, for example, could be used to increase the temperature of air blown into a blast furnace, offsetting the use of fossil fuel. The Heliogen technology will also be capable of creating 100 per cent green hydrogen, which Heliogen is working to develop as its first HelioFuel. Hydrogen sits at the heart of ArcelorMittal’s Innovative-DRI technology pathway, which involves using hydrogen instead of natural gas as the reductant in the production of direct reduced iron.
In addition to the USD 10 million investments, ArcelorMittal and Heliogen have signed a Memorandum of Understanding which aims to evaluate the potential of Heliogen’s products in several of ArcelorMittal’s steel plants.