Market Segment
ArcelorMittal Invests in Energy Storage
Written by Becca Moczygemba
October 5, 2022
ArcelorMittal is investing in energy storage. The Luxembourg-based global steel manufacturer announced on Oct. 4 a $17.5 million dollar investment in Form Energy Inc.
Founded in 2017, Form Energy is a Somerville, Mass.-based company with employees in the San Francisco Bay area and Pittsburgh. The manufacturer is developing an iron-air battery that will be able to store electricity for 100 hours at costs commensurate with established power plants, and to eventually reform the global electric system to run on 100% low-cost renewable energy.
The recent funding is the second investment ArcelorMittal has made in the energy storage organization. During the initial investment of $25 million, the two companies agreed to explore the possibility of ArcelorMittal supplying direct reduced iron (DRI) to Form as the iron input for their batteries.
“Steel plants operate on a 24/7 basis so as we evolve our manufacturing processes to incorporate clean energy sources, sourcing solutions to overcome the intermittent nature of renewable energy has an important role to play in our decarbonization journey,” stated Irina Gorbounova, head of the XCarb Innovation fund at ArcelorMittal.
The XCarb Innovation fund was founded in March 2021. The fund supports ArcelorMittal’s efforts toward decarbonization by investing in other companies that are developing technologies which support and expedite the transition to lowering carbon emissions.
By Becca Moczgyemba, Becca@SteelMarketUpdate.com
Becca Moczygemba
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