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ArcelorMittal’s XCarb India Accelerator programme, established in collaboration with the Indian Institute of Technology Madras (IIT Madras), has selected three finalists.
The programme, launched in July 2023, was aimed at identifying start-ups focused on the most “promising” decarbonisation technologies in India. It is also supported by ArcelorMittal’s joint venture in India, ArcelorMittal Nippon Steel India (AM/NS India), which is developing its own decarbonisation strategy.
Applications were invited across four technology domains, and the programme aimed to identify the most promising concepts for commercially scalable technologies that hold strong potential to decarbonise steelmaking, a statement said.
From almost 50 applications, eight start-ups were shortlisted for mentorship facilitated by the Gopalakrishnan-Deshpande Centre for Innovation and Entrepreneurship (GDC) of IIT Madras.
The finalists were also invited for a two-day visit to AM/NS India’s steelmaking facility at Hazira, Gujarat. Following this, they presented their technologies to the management from ArcelorMittal and AM/NS India.
The three finalists are: AgroMorph Technosolutions Private Limited (developed an algae-based CCUS solution); Susstains Engineering Solutions LLP (invented a novel biochar production technology); and UrjanovaC Private Limited (pioneered an innovative CCUS technology).
The technology and business models of these finalists are being reviewed by the XCarb™ Innovation Fund Investment Committee, chaired by Aditya Mittal, CEO of ArcelorMittal, the company statement mentioned. The finalists can potentially be awarded an equity investment or a research collaboration.
