XCarb™ innovation fund Grant
In context
This call is open to startups, small and medium-sized businesses and large companies and 1 other, at prototype and pilot stage, pre-seed and seed stage. Funding is an equity investment of Up to $100,000,000. Coverage is read from the notice itself: any country.
ArcelorMittal XCarb is a corporate venture fund investing up to $100 million annually in companies developing commercially scalable technologies to decarbonise steelmaking and enable net-zero carbon steel production. The fund targets startups and scale-stage companies across steel decarbonisation technologies including hydrogen steelmaking, carbon capture and utilisation, and related industrial decarbonisation solutions.
About this grant
ArcelorMittal launched the XCarb™ innovation fund on 17 March 2021 to invest in companies developing technologies that could support and accelerate the transition to net-zero carbon steelmaking. The fund anticipates investing up to $100 million annually and is part of the wider XCarb™ sustainability initiative, which aims to drive progress towards carbon-neutral steel. The problem it addresses is the carbon intensity of steel production. ArcelorMittal has set a net-zero target for 2050 and says the fund complements its internal CO2 technology strategy, which includes breakthrough steelmaking technologies and industrial-scale pilot plants. The fund targets emerging companies pioneering potentially transformative steelmaking decarbonisation technologies. It will build a diversified portfolio so that it captures the most important technologies under development. The page does not describe the specific types of investment instrument, typical ticket sizes, or the activities funded beyond this investment role. Funding decisions are made by an investment committee of senior executives from across ArcelorMittal's global functions and segments, chaired by the CEO.
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Eligibility
Companies must be developing directly applicable, commercially scalable technologies that offer strong potential to decarbonise the steelmaking process. The page does not state organisation type, geographic location, company stage, or prior-recipient rules beyond this technology focus.
How it's scored
The page gives no formal scoring criteria or weightings. It states that the fund aims for a diversified portfolio covering the best and most important technologies under development, and that an investment committee of senior executives, chaired by the CEO, governs the fund. Panel composition is described only at this high level.
Key requirements
- ✓Technology must be commercially scalable with strong potential to decarbonise steelmaking
- ✓Portfolio is diversified across multiple decarbonisation technology pathways
- ✓Investment decisions governed by CEO-chaired committee of senior ArcelorMittal executives
- ✓Focus on net-zero carbon steel acceleration
Frequently asked questions
- How much funding does ArcelorMittal XCarb offer?
- XCarb™ innovation fund offers up to $100M.
- Who can apply for XCarb™ innovation fund?
- Eligibility covers organisations in GLOBAL; startup, sme, large-company, consortium. See the eligibility criteria above for the full conditions.
Relevant sectors
About this sector
Industrial decarbonisation funding helps heavy industry cut emissions through electrification, fuel switching, process change and efficiency. Support is often capital-intensive and tied to a specific site, with feasibility studies leading to larger deployment calls. Applicants need emissions baselines, engineering studies and a plan to keep production running during the change.
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