ArcelorMittal joins Breakthrough Energy’s Catalyst program as anchor partner

• ByAyushi Ray     |    September 21, 2021

ArcelorMittal joins Breakthrough Energy’s Catalyst program as anchor partner, committing to an equity investment of $100 million over the next five years. Founded by Bill Gates, Breakthrough Energy is committed to scaling the technologies the world needs to reach net-zero emissions by 2050. Breakthrough Energy’s efforts include investment vehicles, philanthropic programs, policy advocacy, and other initiatives, including Catalyst. Catalyst, launched earlier this year, is a new model for how companies, governments, and private philanthropy can finance, produce, and ensure widespread adoption of next-generation clean technologies. The program will initially focus on four decarbonisation technologies: direct air capture (DAC); green hydrogen; long-duration energy storage (LDS); and sustainable aviation fuel (SAF). 

ArcelorMittal’s investment will be made through its XCarb™ innovation fund which was launched earlier this year. The Company anticipates investing up to $100 million annually through the fund in companies developing technologies with the potential to support and accelerate the transition to zero-carbon emissions steelmaking. To date, ArcelorMittal has invested $10 million in Heliogen, a renewable energy company which focuses on unlocking the power of sunlight to replace fossil fuels, and $25 million in Form Energy, which is working on the development of its breakthrough energy storage technology. 

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