ArcelorMittal’s XCarb Makes Further Investment in Form Energy

ArcelorMittal announced that it has invested a further USD 17.5 million in Form Energy via its XCarb Innovation fund. The investment, which is part of Form’s oversubscribed USD 450 million Series E financing rounds, is the second investment ArcelorMittal has made in the company, following its initial investment of USD 25 million announced in July 2021.Form Energy was founded in 2017 and is developing, manufacturing, and commercialising a new class of cost-effective, multi-day energy storage systems that will enable a reliable and fully renewable electric grid year-round. It is currently engaged in a robust site selection process for its first full scale battery manufacturing facility. Starting with identifying over 100 initial sites across 16 states, Form has narrowed the site selection to three states and expects to make an announcement in this regard before the end of the year.At the time of ArcelorMittal’s initial investment in Form, the two parties also signed a joint development agreement to explore the potential for ArcelorMittal to provide direct reduced iron, tailored to specific requirements, to Form as the iron input into their battery technology. Work falling under this agreement to define the operational modifications to produce a specially modified DRI product for Form Energy’s batteries has progressed well and plans are being put in place for larger scale production trials.The XCarb Innovation fund was launched in March 2021. The fund supports ArcelorMittal’s ambition to lead the decarbonization of the global steel industry. It builds on the industry-leading suite of decarbonization technologies ArcelorMittal is developing and deploying by investing in companies which are developing technologies which hold the potential to support and accelerate the transition to low-carbon emissions – and ultimately net zero – steelmaking.Since launch the fund has made investment commitments totaling USD 197.5 million, investing in companies developing technologies across several domains including: carbon capture, utilization and storage; disruptive hydrogen technologies; clean energy technologies; and long-duration, large-scale energy storage technologies. Via the fund ArcelorMittal is also a founding partner in Breakthrough Energy’s Catalyst program, a venture founded by Bill Gates which aims to combine public and private finance to ensure widespread adoption of next-generation clean technologies.