ArcelorMittal expands partnership with carbon capture and re-use specialist LanzaTech through US$30 million investment
09 December 2021 - 10:45PM
ArcelorMittal expands partnership with carbon capture and re-use
specialist LanzaTech through US$30 million investment
Investment
is ArcelorMittal’s
fourth via its
XCarb™ innovation fund
9 December
2021,
12:45
CET
ArcelorMittal (‘the Company’) today announces it has made a
US$30 million investment in carbon recycling company, LanzaTech
through its XCarb™ innovation fund, the fourth investment the
Company has made through the fund since its launch in March
2021.
The investment further expands ArcelorMittal’s relationship with
LanzaTech, which commenced in 2015 when the Company first announced
plans to utilise LanzaTech’s carbon capture and re-use technology
at its plant in Ghent, Belgium. The €180 million Carbalyst® plant –
ArcelorMittal’s flagship carbon capture and re-use technology
project - is currently under construction, with commissioning
expected before the end of 2022. Also known as the Steelanol
project, funding has been obtained from various sources, including
from the European Union's Horizon 2020 program and the European
Investment Bank.
Using LanzaTech’s gas fermentation technology, which captures
carbon-rich waste gases from the steelmaking process and converts
them into sustainable fuels and chemicals, the plant will reduce
ArcelorMittal Ghent’s CO2e emissions by 125,000 tonnes a year. It
will also produce 80 million litres of bio-ethanol annually, which
can be blended with traditional gasoline and used as a low-carbon
alternative fuel for the transport sector.
LanzaTech is also developing technology to convert captured
emissions into a range of other chemical building blocks to make
useful materials, such as textiles, rubber, and packaging.
Commenting, Pinakin
Chaubal, chief technology
officer, ArcelorMittal said:
“We have worked with LanzaTech for several years, know their
leadership team well and understand the potential of their
technology and the role it can play in not only helping us to
decarbonise, but also in producing valuable products from our
carbon bearing gases which can help the decarbonisation of other
sectors. Extending our relationship through this investment was
therefore a natural next step and we are very pleased to now have
an excellent CCU technology company within our XCarb™ innovation
fund portfolio.”
Jennifer Holmgren,
CEO, LanzaTech
added:
“No longer can we simply extract more resources to make the
things we need. ArcelorMittal has long been a champion of the
circular economy and through their XCarb™ innovation fund they are
helping create a new circular carbon economy. We are delighted to
deepen our relationship with ArcelorMittal and look forward to this
next chapter as we create a future where everything can be made
from recycled carbon.”
Previous investments the Company has made through its XCarb™
innovation fund include: US$10 million in Heliogen, a renewable
energy technology company that focuses on ‘unlocking the power of
sunlight to replace fossil fuels’; US$25 million in Form Energy,
which is developing a breakthrough low-cost iron-air battery
storage technology; and a commitment of US$100 million over five
years in Breakthrough Energy’s Catalyst program, an initiative Bill
Gates founded to scale the technologies the world needs to reach
net-zero emissions by 2050.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and
mining company, with a presence in 60 countries and primary
steelmaking facilities in 17 countries. In 2020, ArcelorMittal had
revenues of $53.3 billion and crude steel production of 71.5
million metric tonnes, while iron ore production reached 58.0
million metric tonnes.
Our goal is to help build a better world with
smarter steels. Steels made using innovative processes which use
less energy, emit significantly less carbon and reduce costs.
Steels that are cleaner, stronger and reusable. Steels for electric
vehicles and renewable energy infrastructure that will support
societies as they transform through this century. With steel at our
core, our inventive people and an entrepreneurial culture at heart,
we will support the world in making that change. This is what we
believe it takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges
of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and
on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS).
For more information about ArcelorMittal please
visit: http://corporate.arcelormittal.com/
About LanzaTechLanzaTech harnesses the power of
biology and big data to create climate-safe materials and fuels.
With expertise in Synthetic biology, bioinformatics, Artificial
Intelligence and Machine Learning coupled with engineering,
LanzaTech has created a platform that converts waste carbon into
new everyday products that would otherwise come from virgin fossil
resources. LanzaTech’s first commercial scale gas fermentation
plant has produced over 27M gallons of ethanol which is the
equivalent of keeping over 130,000 metric tons of CO2 from the
atmosphere. A second facility is operating in China, with
additional plants under construction globally. LanzaTech is based
in Illinois, USA and employs more than 200 people. Further
information is available at www.lanzatech.com.
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Contact
information ArcelorMittal Investor Relations |
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General |
+44 20 7543
1128 |
Retail |
+44 20 3214
2893 |
SRI |
+44 20 3214
2801 |
Bonds/CreditE-mail |
+33 171 921
026investor.relations@arcelormittal.com |
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Contact
information ArcelorMittal Corporate Communications |
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Paul
WeighTel:E-mail: Contact information
LanzaTech Freya BurtonTel:E-mail: |
+44 20
3214 2419press@arcelormittal.com +1 630 347
8054freya@lanzatech.com |
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