ArcelorMittal purchases concentrated solar company Heliogen

• ArcelorMittal SA (AMS: MT) has invested a first USD 10 million (EUR 8.2 m) in United States renewable resource technology business Heliogen to sustain the steel producer's decarbonisation initiatives.

This is the very first financial investment by ArcelorMittal's XCarb innovation fund, the steelmaker stated today.

Heliogen, whose backers consist of Bill Gates, has established a concentrated solar technology that utilizes a variety of mirrors to concentrate and also catch sunlight. The sunlight can then be become warm, power or tidy gas like hydrogen, which Heliogen is functioning to establish as its first HelioFuel.

ArcelorMittal claimed that all 3 Heliogen items-- HelioHeat, HelioPower and also HelioFuel-- could be made use of in the steelmaking procedure and also aid the steel industry development towards carbon nonpartisanship.

ArcelorMittal and also Heliogen have actually also authorized a memorandum of understanding, under which the potential of Heliogen's products in a number of ArcelorMittal steel plants will certainly be examined.

"Heliogen's Sunlight Refinery ™, which will cost-effectively deliver 24/7 carbon-free power in the form of warmth, electrical power, or hydrogen fuels at range for the first time in background, was created for use by a spectrum of markets, consisting of steel," said Heliogen chief executive as well as founder Bill Gross.