ArcelorMittal's XCarb India Accelerator programme, launched last summer in collaboration with the Indian Institute of Technology (IIT Madras) and supported by ArcelorMittal Nippon Steel in India, has announced three finalists.
The programme had invited applications from across four distinct technology domains with the aim of identifying the most promising concepts for commercially sustainable technologies that hold strong potential to decarbonize steelmaking.
Initially, finalists were selected from eight start-ups that received mentorship and guidance on the commercial development of their disruptive technologies during a workshop at IIT Madras in October 2023 and an eight-week mentorship programme that followed. The mentorship was provided by GDC – a Centre of Innovation & Entrepreneurship at IIT Madras.
“We launched the XCarb® Accelerator programme in India to fund and support the next wave of breakthrough ideas on decarbonisation emerging from India."
Irina Gorbounova, head of the XCarb® Innovation Fund.
In under a year, the initiative has produced three finalists from a total of over 50 applications.
The three finalists are: AgroMorph Technosolutions Private Ltd, Susstains Engineering Solutions LLP and UrjanovaC Private Ltd.
AgroMorph has developed an algae-based CCUS solution, Susstains Engineering Solutions invented a novel biochar production technology andUrjanovaC pioneered an innovative CCUS technology.
The finalists were invited for a two-day site visit to AM/NS India’s steelmaking facility in Hazira, following which they presented their respective technologies to management from both ArcelorMittal and AM/NS India.
The technology and business models of these finalists are being reviewed by the XCarb™ Innovation Fund Investment Committee, chaired by Aditya Mittal, CEO of ArcelorMittal. The finalists can potentially be awarded an equity investment or a research collaboration.
"We are thrilled that under the technology and business mentorship of GDC, IIT Madras, the XCarb® India Accelerator Programme of ArcelorMittal has succeeded in discovering eight start-ups, of which three have been selected as finalists."
Raghuttama Rao, CEO of GDC, IIT Madras.
ArcelorMittal Nippon Steel India (AM/NS India) is actively developing its own decarbonisation strategy and initiatives for lower emissions in domestic steel manufacturing, as outlined in its own inaugural Climate Action Report, which can be viewed here.
Irina Gorbounova, head of the XCarb® Innovation Fund, commented: “We launched the XCarb® Accelerator programme in India to fund and support the next wave of breakthrough ideas on decarbonisation emerging from India. This has provided us with the opportunity to interact with high-quality participants and support them in developing their technologies and business models. The technical insight and support provided by IIT Madras has been invaluable and contributed to the successful delivery of the workshop and mentorship programme. We hope that participants have benefited as much from this mentorship programme as we have from our increased understanding of the vast potential of the country’s start-up ecosystem and we look forward to engaging further with our finalists.”
Raghuttama Rao, CEO of GDC, IIT Madras, said: "We are thrilled that under the technology and business mentorship of GDC, IIT Madras, the XCarb® India Accelerator Programme of ArcelorMittal has succeeded in discovering eight start-ups, of which three have been selected as finalists. This is a telling comment on the high quality of translational research and disruptive start-ups to be found across India. The XCarb® India Accelerator Programme speaks volumes about ArcelorMittal's commitment to India and finding breakthrough solutions to the challenging problem of climate change. Going forward, we feel that this successful collaboration between ArcelorMittal and IIT Madras will serve as a role model for open innovation between the corporate sector and universities in India to solve technologically challenging problems.”