ArcelorMittal is aiming to invest up to $100m per year in ‘transformative technologies’ and innovations as part of its XCarb™ Innovation Fund and Accelerator Programme, offering the potential to speed up decarbonization of the steel sector.

The steelmaking giant has said that the newly launched XCarb™ Accelerator Programme, which is linked to its Innovation Fund, would provide start-ups with ‘advice and expertise in innovation’ as well as access to the steelmaker's research and development, technology commercialisation and business mentorship teams.

Seven ‘technology domains’ eligible for the funding include new methods of steelmaking, waste to gas or biocarbon, gases reforming/transformation processes, hydrogen production as well as carbon capture, utilisation and storage (CCUS). Other innovation areas eligible for funding include long-term, large-scale energy storage and clean energy.

Finalists are to be invited to pitch their ideas to a panel of industry experts at an ‘Accelerator Day' - due to be held in mid-to-late July - for the chance to secure investment support from the fund to scale up their projects and make them commercially viable, the firm said.

"The need to reduce greenhouse gas emissions is one of the greatest investment requirements of our time."

Aditya Mittal, CEO of ArcelorMittal

"The need to reduce greenhouse gas emissions is one of the greatest investment requirements of our time," said Aditya Mittal, CEO of ArcelorMittal. "Steel can make a huge contribution to the decarbonisation of the global economy and at ArcelorMittal we are committed to leading our industry's efforts, and to accelerate the speed of our progress. Advancing the development of the technologies and processes which are pivotal to our industry's transition is a very important element of this."