ArcelorMittal launches EUR100m cleantech fund

ArcelorMittal, the world's largest steelmaker, has launched a EUR100m venture capital fund to invest in clean technologies. The vehicle is committed to invest in renewable energy, energy efficiency, methane capture and greenhouse reducing technologies. ArcelorMittal will be working with leading venture capital firms - including Bessemer Venture Partners, Khosla Ventures, and Kleiner Perkins Caufield & Byers.

The fund will focus on ventures that have relevance for the steel industry and its customers, allowing ArcelorMittal to use the carbon credits received from these Clean Development Mechanisms and Joint Implementation projects for compliance in the EU Emissions Trading Scheme. The vehicle has made an initial investment of $20m in Miasole, a California-based firm developing versatile thin-film solar panels.

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