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    MT   LU1598757687

ARCELORMITTAL

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ArcelorMittal : S.A., - ArcelorMittal invests $25 million in Form Energy

07/22/2021 | 12:48pm EDT

ArcelorMittal invests $25 million in Form Energy

Agreement concludes second investment in ArcelorMittal's XCarb™ innovation fund

22 July 2021, 13:30 CET

ArcelorMittal ('the Company') today announces it has completed its second investment in the Company's recently launched XCarb innovation fund, serving as lead investor in Form Energy's $200 million Series D financing round, with a $25 million equity injection.

Form Energy, which was founded in 2017 is working to accelerate the development of its breakthrough low-cost energy storage technology to enable a reliable, secure, and fully-renewable electric grid year-round. It has recently unveiled a new iron-air battery which is: low-cost (approximately one-tenth the cost of lithium-ion battery technology); has multi-day reliability (100-hour duration hence overcomes the intermittent nature of renewable energy generation); scalable; and can be sited anywhere.

Alongside the $25 million investment, ArcelorMittal and Form Energy have signed a joint development agreement to explore the potential for ArcelorMittal to provide iron, tailored to specific requirements, to Form Energy as the iron input into their battery technology.

Commenting, Greg Ludkovsky, global head of research and development, ArcelorMittal, said:

"Form Energy is at the leading edge of developments in the long-duration,grid-scale battery storage space. The multi-day energy storage technology they have developed holds exciting potential to overcome the issue of intermittent supply of renewable energy. They are exactly the kind of ambitious and innovative company we are seeking to invest in through our XCarb innovation fund.

"In addition to our investment, there are obvious synergies we are exploring with them. These include from ArcelorMittal supplying iron for their battery solutions, through to the potential their batteries hold to deliver us a permanent, reliable supply of renewably generated energy for our steel plants, therefore helping us in our journey to transition to carbon-neutral steelmaking."

Mateo Jaramillo, CEO and co-founder of Form Energy, added:

"This is an extremely exciting time at Form Energy and we are pleased to welcome ArcelorMittal as a business partner and investor. ArcelorMittal is a world's leading steel and mining company and this investment demonstrates their commitment to innovation and deep decarbonization. We appreciate their confidence in our team and in our technology as we work to reshape the global electric system to enable a clean energy future."

The investment is the second ArcelorMittal has made in its XCarb innovation fund since its launch in March 2021. It follows an initial $10 million investment in Heliogen, a renewable energy technology company which focuses on 'unlocking the power of sunlight to replace fossil fuels', on 8 June.

The XCarb innovation fund - in which ArcelorMittal anticipates investing up to $100 million a year - is designed to invest in companies which are developing technologies which have the potential to support and accelerate the transition to carbon-neutral steelmaking. It was launched as part of ArcelorMittal's wider XCarb initiative, which will ultimately encompass all the Company's efforts to progress to carbon- neutrality.

Disclaimer

ArcelorMittal SA published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 16:47:09 UTC.


ę Publicnow 2021
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Sales 2021 74 474 M - -
Net income 2021 13 211 M - -
Net Debt 2021 720 M - -
P/E ratio 2021 2,24x
Yield 2021 1,26%
Capitalization 29 696 M 29 721 M -
EV / Sales 2021 0,41x
EV / Sales 2022 0,41x
Nbr of Employees 168 000
Free-Float 56,0%
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Last Close Price 29,34 $
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Aditya Mittal Chief Executive Officer & Director
Genuino M. Christino Chief Financial Officer & Executive Vice President
Lakshmi Niwas Mittal Executive Chairman
Pinakin Chaubal Chief Technology Officer
Henk Scheffer Secretary & Group Compliance Officer
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