ArcelorMittal S.A.: ArcelorMittal’s XCarb® India Accelerator
programme for breakthrough climate tech
start-ups announces winners
16 July, 2024
ArcelorMittal today announces it has selected
three start-ups as the joint winners of its inaugural XCarb® India
Accelerator Programme.
The programme attracted over 50 applications and
following an extensive review process by ArcelorMittal’s
XCarb® Innovation Fund and research and
development teams, UrjanovaC, AgroMorph Technosolutions and
Susstains Engineering Solutions have been selected as the winners.
Each will receive prize money of $50,000 and mentoring aimed at
developing their technologies and business models.
UrjanovaC is developing a CCUS (Carbon Capture, Utilization, and
Storage) technology that aims to support the decarbonization of
hard-to-abate sectors including steel. The technology uses a
patented catalyst and wastewater to convert industrial CO2
emissions from flue gases into useable by-products such as PCC
(calcium carbonate) and soda ash (sodium carbonate) that could find
use-cases in multiple industries.
AgroMorph Technosolutions is creating a modular, algae-based
CCUS system designed to remove carbon from industrial flue gases
and absorb nutrients from wastewater. The process offers a clean
method of carbon capture through natural photosynthesis instead of
using chemicals and offers a broad spectrum of nutrient-rich
algae-based products.
Susstains Engineering Solutions, founded by IIT Madras PhD
students, is developing technology that aims to offer biochar to
the steel industry as a replacement for coal. The biochar
production technology is based upon biomass carbonisation, with
innovative methods in place to increase the yield, productivity and
quality of the biochar produced.
ArcelorMittal launched the
XCarb® India Accelerator programme in July 2023, in
collaboration with IIT Madras’s GDC – Centre of Innovation &
Entrepreneurship, and supported by ArcelorMittal’s joint venture in
India, ArcelorMittal Nippon Steel India (AM/NS India).
The programme was designed to support
ArcelorMittal’s climate ambitions and India’s extensive community
of start-ups developing technologies that hold the potential to
support the global climate transition.
Commenting, Irina Gorbounova, Head of
the XCarb® Innovation
Fund, said:
“We congratulate the winners of the
XCarb® Accelerator programme
in India, all of which presented novel ideas that hold significant
industrial decarbonisation potential. We intend to support these
innovative young companies as they look to develop and scale their
technologies.
“The last 11 months provided us great
insight into the start-up landscape of India and the opportunities
it presents. It was a pleasure collaborating with IIT Madras and we
look forward to continued engagement them.”
Prof. Vikram Vishal, Director & Co-Founder,
UrjanovaC, said:
“The early recognition of UrjanovaC's groundbreaking CO2
management technology by ArcelorMittal through the competitive
XCarb® Accelerator Programme
strengthens our team's resolve to tackle one of the grand
challenges of this century. Our sustainable, practical, low-cost,
and scalable decarbonisation technology based on a patented
catalytic process captures CO2 from air as well as emission gases
and stores it permanently as carbonate salts.
“We deeply appreciate the invaluable experience gained at
the XCarb® Accelerator Programme, and
extend our gratitude to ArcelorMittal, AM/NS India, GDC-IIT Madras,
and SINE-IIT Bombay for their pivotal role in facilitating the
competition and nurturing our start-up for an early market entry.
The team at UrjanovaC envisions translating net-zero pledges into
reality through rapid deployment and is thrilled about the upcoming
partnerships across borders and sectors.”
Dr. Akanksha Agarwal, Founding Director, AgroMorph
Technosolutions, said:
“ArcelorMittal’s XCarb®
Accelerator Programme was a great opportunity for AgroMorph as
it helped us explore decarbonization challenges via algae. The
program provided in-depth understanding and perspectives of the
steel industry, which is a great value-add for start-ups.”
Dr. Muthu Kumar, Founder, Susstains Engineering
Solutions, added:
“At Susstains, we envision to create a sustainable ecosystem
around biomass to biochar business with our novel technology.
The XCarb® Accelerator programme
was a great opportunity, as it helped us understand the potential
use of biochar in the steel industry. Moreover, testing our biochar
samples at the AM/NS India facility gave us the confidence that,
with some fine-tuning, our biochar could potentially replace coal.
We are grateful to AM/NS India for this opportunity and for the
invaluable insights from the XCarb Accelerator. We also appreciate
GDC-IITM for shaping our business model.”
ENDS
About
ArcelorMittal
ArcelorMittal is the world's leading steel
company, with a presence in 60 countries and primary steelmaking
facilities in 15 countries. In 2023, ArcelorMittal had revenues of
$68.3 billion and crude steel production of 58.1 million metric
tonnes, with steel shipments of 55.6 million metric
tonnes.
Our purpose is to produce ever smarter
steels that have a positive benefit for people and planet. Steels
made using innovative processes which use less energy, emit
significantly less carbon and reduce costs. Steels that are
cleaner, stronger and reusable. Steels for electric vehicles and
renewable energy infrastructure that will support societies as they
transform through this century. With steel at our core, our
inventive people and an entrepreneurial culture at heart, we will
support the world in making that change. This is what we believe it
takes to be the steel company of the future.
ArcelorMittal is listed on the stock
exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg
(MT) and on the Spanish stock exchanges of Barcelona, Bilbao,
Madrid and Valencia (MTS).
For more information about ArcelorMittal
please visit: http://corporate.arcelormittal.com/
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