Luxembourg-based steelmaker ArcelorMittal has announced that it has invested $25 million in US-based nuclear energy company Terra Power through its XCarb™ innovation fund.
“The XCarb® Innovation Fund is designed to invest in innovations which hold the potential to accelerate the world’s transition to net zero and support the decarbonisation of our industry. TerraPower is therefore a perfect fit for our Innovation Fund,” Irina Gorbounova, head of the XCarb® Innovation fund, said.
Since its launch in March last year, the XCarb™ innovation fund has made investments of a total $122.5 million in five companies - US-based electric services company Heliogen, US-based renewable energy storage developer Form Energy, US-based carbon recycling company LanzaTech, Israel-based H2Pro and TerraPower.