ArcelorMittal S.A. has reportedly unveiled XCarb™ Accelerator Programme to support pathbreaking tech startups and expedite the decarbonization of the steel industry.
Tech startups around the world will be able to submit applications to compete for funding from the company’s XCarb™ Innovation Fund which intends to invest more than USD 100 million yearly in such breakthrough technologies.
It will offer access to the expertise and advice of ArcelorMittal in research and development, innovation, business mentorship, and technology commercialization.
Aligning with ArcelorMittal’s objective, the XCarb™ Innovation Fund finances companies having the potential to fast-track the transition to low, and eventually zero-carbon emissions steel manufacturing. This allows them to make rapid developments and attain the scale necessary to achieve commercial viability for their technologies.
This year, finalists will be allowed to present their ideas at Accelerator Day and get a chance to raise funds to upscale their breakthrough projects and help steer progress towards lower emissions.
Successful applicants will not only receive monetary support but also:
- Unmatched industrial advice and expertise
- Market-leading R&D programs and research centers to expedite technological development
- Commercial expertise related to IP protection, technologies, and global roll-out
- Substantial group functional and back-office ability to upscale and fast-track time to market
Applicants should be registered startups having concepts of commercially scalable technologies capable of decarbonizing steelmaking.
Qualified startups can apply from across the world as the Fund is interested to invest in the most novel technology globally, to support the decarbonization journey of ArcelorMittal. The first submission round is due by June 20th.
Submissions are accepted across the following seven technology domains:
- Disruptive hydrogen technologies
- Disruption in steel manufacturing (technologies and processes)
- Gases transformation/Gases reforming technologies
- Waste to biocarbon or gas
- Clean energy technologies
- Large-scale, long-term energy storage technologies
- Carbon capture, usage, and storage (particularly carbon capture with transformation to fuel/chemicals or permanent mineralization/sequestration)