World’s largest steel-maker ArcelorMittal on Friday said it has launched a Clean Technology Venture Capital Fund with an initial investment of 20 million dollars in California-based Miasole.
The new Clean Technology Venture Capital Fund has invested USD 20 million in California-based Miasole, which is engaged in the development of thin-film solar panels, while the Carbon Fund has an initial investment commitment of 157 million dollars, the steel-maker said in a statement.
“ArcelorMittal will be working with leading venture capital firms - including Bessemer Venture Partners, Khosla Ventures, and Kleiner Perkins Caufield & Byers to help finance clean technology innovation through the fund,” the statement added.
Further, in a bid to promote climate-friendly solutions that are relevant for the steel industry, ArcelorMittal has launched a new Carbon Fund with an initial investment commitment of 100 million Euros (US$ 157 million). The fund 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.
Source: The HinduFiled under VC Fund | Tags: ArcelorMittal, California, Greenhouse Gas, Kyoto Protocol, Steel, VC Fund, Venture Capital | Comment Below