Market Segment
ArcelorMittal Partners with Heliogen to Produce Sunlight Fuels
Written by Sandy Williams
June 9, 2021
ArcelorMittal completed its first XCarb™ innovation fund investment, investing $10 million in renewable energy technology company Heliogen to “unlock the power of sunlight to replace fossil fuels.”
Heliogen’s technology harnesses solar energy by using a multi-acre field of mirrors as a magnifying glass to concentrate and capture sunlight. The sunlight can then be converted into heat (HelioHeat™), electricity (HelioPower™) or clean fuels (HelioFuel™).
The three products can be used in the steelmaking process to support the industry’s transition to carbon neutrality, said ArcelorMittal in a press release.
“HelioHeat™, for example, could be used to increase the temperature of air blown into a blast furnace, offsetting the use of fossil fuel,” said ArcelorMittal. “The Heliogen technology will also be capable of creating 100 percent green hydrogen, which Heliogen is working to develop as its first HelioFuel™.”
ArcelorMittal’s DRI technology pathway involves using hydrogen instead of natural gas as the reductant in the production of direct reduced iron.
Heliogen and ArcelorMittal have also signed a memorandum of understanding to trial Heliogen’s products in several of ArcelorMittal’s steel plants.
“Developing and deploying breakthrough technologies is at the heart of our climate action strategy,” said Pinakin Chaubal, chief technology officer, ArcelorMittal. “While our own efforts are progressing well, the objective of our XCarb™ Innovation fund is to extend our reach and support companies developing technologies which could assist us on our decarbonization journey. The technology Heliogen is developing has the potential to do exactly that.”
“Moreover, the partnership we have established with Heliogen goes beyond investment. The MoU we have signed means we are actively exploring working with them to deploy their technologies in our steel plants, enhancing our ongoing program of decarbonization initiatives. Establishing partnerships of this kind has an important role to play in ensuring we succeed in our ambition to lead our industry’s efforts to decarbonize and reach carbon-neutrality by 2050.”
Bill Gross, CEO and Founder, Heliogen, added:
“The future of our planet and civilization hinges on the global economy’s ability to shift from its reliance on fossil fuels to clean, renewable energy. We founded Heliogen to eliminate the need for fossil fuels in all sectors of the economy and to empower a sustainable future. We’re thrilled to welcome ArcelorMittal as an investor in the company.”
Sandy Williams
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