MT - ArcelorMittal's XCarb innovation fund makes $25M equity injection in Form Energy

ArcelorMittal (MT) has concluded its second investment in its recently launched XCarb innovation fund, which is the lead investor in Form Energy’s $200M Series D financing round.The fund made a $25M equity injection in Form Energy. In addition to the investment, ArcelorMittal has entered into a joint development agreement with Form Energy. The companies will explore the potential for ArcelorMittal to supply iron to Form Energy as the iron input into their battery technology.Founded in 2017, Form Energy is developing a low-cost energy storage technology to power a fully-renewable electric grid year-round. The company recently introduced a low-cost, scalable iron-air battery with multi-day reliability (100-hour duration hence overcomes the intermittent nature of renewable energy generation).

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ArcelorMittal's XCarb innovation fund makes $25M equity injection in Form Energy