MT - ArcelorMittal pledges $10M in Heliogen

With a view to achieve carbon neutrality by 2050, ArcelorMittal (MT) has invested an initial $10M in Heliogen, a renewable energy technology company focusing on ‘unlocking the power of sunlight to replace fossil fuels’. Heliogen’s technology will harness solar energy by using a field of mirrors to capture sunlight for converting into heat, electricity or clean fuels. The company has also signed a Memorandum of Understanding for evaluating the potential of Heliogen’s products in several of it’s steel plants. Commenting, Pinakin Chaubal, Chief Technology Officer, ArcelorMittal, said: “Developing and deploying breakthrough technologies is at the heart of our climate action strategy. While our own efforts are progressing well, the objective of our XCarb™ Innovation fund is to extend our reach and support companies developing technologies which could assist us on our decarbonisation journey. The technology Heliogen is developing has the potential to do exactly that.

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ArcelorMittal pledges $10M in Heliogen