ArcelorMittal sets up US$20 mln clean tech venture capital fund

Monday, July 14, 2008; Posted: 02:39 AM

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NEW DELHI, Jul 14, 2008 (Asia In Focus via COMTEX) -- ZZHWZ | Quote | Chart | News | PowerRating -- The world's largest steel-maker ARCELORMITTAL on Friday said it had launched a Clean Technology Venture Capital Fund with an initial investment of US$20 million in the California-based MIASOLE. The new Clean Technology Venture Capital Fund has invested US$20 million in the California-based Miasole, which is engaged in the development of thin-film solar panels, while the Carbon Fund had an initial investment commitment of $US157 million, 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.

* The fund would support the commercialisation of clean energy technologies to help reduce greenhouse gas emissions and focus on ventures that have relevance for the steel industry and its customers.

For full details on Arcelor Mittal (MT) click here. Arcelor Mittal (MT) has Short Term PowerRatings of 3. Details on Arcelor Mittal (MT) Short Term PowerRatings is available at This Link.

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