XCarb® India Accelerator by ArcelorMittal Introduces Innovative Startups

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ArcelorMittal‘s XCarb® India Accelerator program, in partnership with the Indian Institute of Technology Madras (IIT Madras), has selected three finalists in its effort to back startups concentrating on industrial decarbonization technologies in India.

XCarb® India Accelerator by ArcelorMittal is a pioneering initiative aimed at driving innovation and sustainability in the Indian steel industry. The India Accelerator focuses on developing and scaling up carbon-neutral steelmaking technologies and solutions. The accelerator provides a platform for startups, entrepreneurs, and innovators to collaborate with ArcelorMittal and access resources, expertise, and funding to develop and commercialize their ideas.

Through XCarb® India Accelerator, ArcelorMittal aims to accelerate the transition to a low-carbon economy and create a more sustainable future for the steel industry in India. Launched in July 2023, the program acknowledges India’s significant potential in driving the worldwide climate transition. This collaboration is in sync with the nation’s ambition to emerge as a leading center for electronics production, particularly in semiconductors.

The finalists have been selected from a pool of eight startups that received mentorship at IIT Madras through the Centre of Innovation & Entrepreneurship. Supported by ArcelorMittal Nippon Steel India (AM/NS India), the program aims to bring to market scalable technologies for reducing carbon emissions in steel production. The significant investment of Rs 2,30,000 crore in December 2021 demonstrates the government’s dedication to developing the semiconductor and display manufacturing sector in India.

The program sought applications in various technology fields to find commercially viable technologies that could significantly reduce carbon emissions in steelmaking. After receiving mentorship, the finalists—AgroMorph Technosolutions Private Limited, Susstains Engineering Solutions LLP, and UrjanovaC Private Limited—visited AM/NS India’s Hazira steelmaking facility to present their technologies to ArcelorMittal and AM/NS India management.

These three finalists are now being considered for equity investment or research collaboration through the XCarbTM Innovation Fund Investment Committee, led by Aditya Mittal, CEO of ArcelorMittal. The program’s success is credited to the technical insight and support from IIT Madras, which has contributed to the development of innovative technologies and business models.

This collaboration sets a precedent for open innovation between the corporate sector and universities in India, tackling technological challenges and promoting groundbreaking solutions for climate change. Irina Gorbounova, leading the XCarb® Innovation Fund, has lauded the project’s achievements in backing and fostering revolutionary decarbonisation concepts originating from India.

The guidance extended by IIT Madras has played a pivotal role in aiding participants to enhance their technologies and business strategies. Raghuttama Rao, the CEO of GDC, IIT Madras, underscored the project’s significance in unearthing and nurturing startups, highlighting its promise as a blueprint for collaborative innovation between companies and universities in India to tackle intricate technological hurdles.

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