Steel firm ArcelorMittal announced that they have made an additional $17.5 million investment in U.S. renewable energy firm Form Energy through its XCarb® Innovation Fund. The investment is part of the US$450 million Series E financing round. This is ArcelorMittal’s second investment in the company, following its initial investment of US$25 million announced last year.
Form Energy is now focusing its efforts on the development, manufacturing and marketing of a new class of cost-efficient, multi-day energy storage systems that will enable the establishment of a reliable, year-round power grid powered exclusively by renewable energy. In addition, it is conducting a robust site selection process for its first industrial-scale battery manufacturing facility.
This is ArcelorMittal’s first investment in Form. The two parties also entered into a joint development agreement to explore the possibility of ArcelorMittal supplying iron obtained through the DRI process, tailored to specific requirements, to Form as a ferric filler for batteries based on its technology.
The XCarb® Innovation Fund supports ArcelorMittal’s ambition to lead the decarbonization of the steel industry on a global scale. It is based on a set of industry-leading decarbonization technologies, the development and application of which the multinational is promoting through investments in companies that are developing technologies that offer the potential to support and accelerate the transition to low-carbon and, ultimately, net zero-emission steel production.
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