ArcelorMittal is the world's leading steel and mining company, headquartered in Luxembourg City and serving customers in over 126 countries. Formed in 2006 through the merger of Arcelor and Mittal Steel, it operates the XCarb® Innovation Fund to make strategic investments in startups developing decarbonisation technologies for the steel industry.
50% of their portfolio is in Climate & Energy. Average disclosed round size is $70.7M (across 3 rounds with reported amounts).
Portfolio
4
Fund Size
—
Top Stage
Unknown
Last 12 Mo
0
Team
Clarissa Lins
Non-executive and independent director
Etienne Schneider
Non-executive and independent director
Karel de Gucht
Non-executive and independent director
Karyn Ovelmen
Lead independent director
Patricia Barbizet
Non-executive and independent director
Roy Harvey
Non-executive and independent director
Vanisha Mittal Bhatia
Non-independent director
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
Portfolio
| Company | Round | Amount | Date |
|---|---|---|---|
 Boston Metal | Growth | $51M | Jul 2025 |
 Form Energy | Series E | — | Oct 2022 |
 Heliogen | Series A | $108M | Jun 2021 |
| Boston Metal | Unknown | — | — |
 Utility Global | Series C | $53M | — |
| Heliogen | Unknown | — | — |
Top Co-Investors
Last updated: 19 September 2026