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16.07.2024 09:30:08 - dpa-AFX: GNW-Adhoc: 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
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/
Contact information ArcelorMittal
Investor Relations
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Contact information ArcelorMittal
Corporate Communications
Paul Weigh
Tel:
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Contact information AM/NS India
Corporate Communications
Vijay Malepu
E-mail:
Neha Seth
E-mail:
nseth@brunswickgroup.com
-------------------------------------------------------------------------------
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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/
Contact information ArcelorMittal
Investor Relations
General +44 20 7543 1128
Retail +44 20 3214 2893
SRI +44 20 3214 2801
Bonds/Credit +33 171 921 026
E-mail investor.relations@arcelormittal.com
(mailto:investor.relations@arcelormittal.co
m)
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Contact information ArcelorMittal
Corporate Communications
Paul Weigh
Tel:
E-mail: +44 20 3214 2419
press@arcelormittal.com
(mailto:press@arcelormittal.com)
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Contact information AM/NS India
Corporate Communications
Vijay Malepu
E-mail:
Vijay.malepu@amns.in
(mailto:Vijay.malepu@amns.in)
Neha Seth
E-mail:
nseth@brunswickgroup.com
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