ArcelorMittal (NYSE: MT), a steel manufacturer based in New Deli, launched a clean technology venture capital fund to support ventures that have relevance for the carbon-intensive steel industry.
The Fund has made its first investment of US$20 million in Miasolé, a California-based pioneer in the development of thin-film solar panels
Miasolé has developed unique high volume manufacturing processes that enable efficient production of Copper Indium Gallium Selenium (CIGS) solar products on a flexible stainless steel substrate. This technology promises to dramatically lowers the installed cost of Photovoltaic (PV) systems and will enable renewable energy from the sun to replace carbon generating fossil fuels.
Fund managers will be working with leading venture capital firms, including Bessemer Venture Partners, Khosla Ventures, and Kleiner Perkins Caufield & Byers, to identify worthy cleantech ventures.
ArcelorMittal also announced that it has created a new carbon fund in order to strategically engage in the carbon market and promote climate friendly solutions that are relevant for the steel industry.
The fund, which has an initial investment commitment of €100 million (US$ 157 million) is currently looking at investment opportunities in renewable energy, energy efficiency, methane capture and greenhouse gas reducing technologies–all of which have the potential to generate carbon credits under the Kyoto Protocol.
ArcelorMittal intends to use the carbon credits received from these Clean Development Mechanism and Joint Implementation projects for compliance in the EU Emissions Trading Scheme.
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