Luxembourg-based global steel giant ArcelorMittal has announced that it has invested $30 million in carbon recycling company LanzaTech through its XCarb™ innovation fund which was launched in March this year.
With the investment, ArcelorMittal expands its relationship with LanzaTech, commenced in 2015 with plans to utilize the latter’s carbon capture and re-use technology at its Ghent plant in Belgium. Carbalyst® plant, ArcelorMittal’s €180 million worth project, is currently under construction and is scheduled to be commissioned before the end of 2022. The plant will reduce ArcelorMittal Ghent’s carbon emissions by 125,000 mt a year, using LanzaTech’s gas fermentation technology, which captures carbon-rich waste gases from the steelmaking process and converts them into sustainable fuels and chemicals.