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PRINT THIS PAGE ArcelorMittal launches green venture capital funds15/07/2008. Source: AltAssets. 
Metals and mining company ArcelorMittal has launched two venture capital funds, the Clean Technology Venture Capital Fund and the Carbon Fund. The company will invest from its own balance sheet, working alongside venture capital firms including Bessemer Venture Partners, Khosla Ventures and Kleiner Perkins Caufield & Byers. The Clean Technology Venture Capital Fund will invest in clean energy technologies, with a particular focus on ventures that have relevance for the steel industry. The fund is managed by a team from ArcelorMittal Flat Carbon Americas. It has already made its first investment of $20m in Californian solar panel company Miasolé, which is also backed by Bessemer, KPCB and Vantage Point Venture Partners.
ArcelorMittal's Carbon Fund has an initial investment commitment of €100m. The fund will target investments in renewable energy, energy efficiency, methane capture and greenhouse gas-reducing technologies, again with a focus on ventures that have an application within the steel industry.
The company intends to use the carbon credits received from Clean Development Mechanism and Joint Implementation projects for compliance in the EU Emissions Trading Scheme, according to a statement.
ArcelorMittal has an industrial presence in over 20 countries, employing 310,000 people. In 2007, the company recorded revenues of $105.2bn, with crude steel production totalling 116 million tonnes.
Copyright © 2008 AltAssets
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