Saturday, July 12, 2008

World's Largest Steel Company Invests US$20 Million in Clean Technology

"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 objective of the fund is to support the commercialization of clean energy technologies, which will help in the reduction of greenhouse gas emissions. In particular, the fund will focus on ventures that have relevance for the steel industry and its customers. The fund is managed by a team from ArcelorMittal Flat Carbon Americas (FCA) and its investment decisions are taken by a six person Investment Committee chaired by Lou Schorsch, CEO of ArcelorMittal FCA.

The Fund has today made its first investment of US$20 million in Miasolé, a California-based pioneer in the development of versatile thin-film solar panels that is also backed by Bessemer Venture Partners, Kleiner Perkins Caufield & Byers and Vantage Point Venture Partners."

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