ArcelorMittal has become an anchor partner in Breakthrough Energy’s Catalyst program, 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.
Bill Gates, Founder, Breakthrough Energy said:
“Avoiding a climate disaster will require a new industrial revolution. We need to make the technologies and products that don’t cause emissions as cheap as those that do, so the whole world can afford them and reach our climate goals. Through Catalyst, leaders from across the private and public sectors are coming together to focus on supporting technologies that are vital to the world reaching net-zero emissions but are currently too expensive to be adopted at scale. By coordinating investments and directing them toward these critical technologies, we can reduce their Green Premiums and help them get to market faster, so we can all reach our climate goals.”
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