Arcelor MittalArcelor Mittal Contact: Jason Schmitt
Arcelor Mittal’s has two initiatives the first is a Clean Technology Venture Capital Fund and the second is a Carbon Fund. This fund will initially focus on US companies, but may eventually invest overseas.
The Clean Technology fund supports the commercialization of clean technology, with an emphasis on ventures that have relevance for the steel industry and the carbon fund invest in greenhouse gas-reducing technologies which can generate carbon credits for compliance in the EU Emissions Trading Scheme. he Carbon Fund, which has an initial investment commitment of US $150 million, is looking at investment opportunities in renewable energy, energy efficiency, and greenhouse gas reducing technologies.
The fund has made its first investment of $20 million in Miasolé, a California-based developer of solar panel technology. The fund has also invested in an industrial software grid company PowerIT Solutions $3 million. The funds main interests include companies that can help ArcelorMittal reduce its carbon footprint and help it improve its own energy efficiency in the mills, customer segments – e.g. automotive and construction, and business development lines that are small now but will be bigger in the future (e.g. wind mills).