Cleantech magazine, a Cleantech Investor publication
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ArcelorMittal Clean Technology Venture Capital and Carbon Fund |
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First published in Cleantech magazine, September 2008. Copyright Cleantech Investor Ltd. 2008
Target: €100m
Stage: Launch
ArcelorMittal, the world's largest metals and mining company, has launched its first venture capital fund focused exclusively on cleantech investment and a €100 million carbon-focused vehicle.
Investment focusFor the cleantech vehicle, ArcelorMittal will work in partnership with a pool of venture capital firms including Bessemer Venture Partners, Khosla Ventures and Kleiner Perkins Caufield & Byers. Simultaneously with the fund’s announcement, the steelmaker also revealed it has made its first investment of $20 million in California-based Miasole, which is engaged in the development of thin-film solar panels. The carbon fund was created with the intention of promoting ArcelorMittal’s increased involvement in the carbon market. It will back businesses active in the areas of renewable energy, energy efficiency and methane capture as well as those developing technology for the reduction of greenhouse gases.. However, the fund will give preference to ventures that are relevant to ArcelorMittal’s activity in the steel market. It is understood that the steelmaker giant is intending to use the carbon credits received from these Clean Development Mechanisms and Joint Implementation projects to fulfil the rules set by the EU Emissions Trading Scheme. Contact: ArcelorMittal Investor Relations Europe: +352 4792 2414 Americas: +1 312 899 3569 |
