ArcelorMittal has invested $5 million in Utility Global through its XCarb® Innovation Fund as part of Utility Global's $53 million Series C fundraising round. Utility Global has developed a patented reactor that processes industrial gases into high-purity hydrogen and a concentrated CO2 stream without using electricity. This technology provides potential for decarbonizing steelmaking by replacing natural gas with hydrogen and simplifying carbon capture processes. ArcelorMittal has also entered a collaboration agreement to explore opportunities for hosting pilot plants at their facilities to accelerate the commercial adoption of this innovative technology. The XCarb® Innovation Fund, launched in 2021, has committed to investments in various decarbonization technologies, including Utility Global, to drive sustainable practices in the steel industry. This investment signifies a step towards green steel production and showcases a commitment to advancing renewable energy and carbon capture solutions in the sector.