ArcelorMittal (‘the Company’) today announces it has made a US$5 million investment in H2Pro through its XCarb™ innovation fund, bringing the fund’s total investment commitments to US$180 million since its launch in March 2021.

The investment is part of a US$75 million Series B fundraise by H2Pro, with other investors including Temasek, Horizons Ventures, Breakthrough Energy Ventures and Yara.

H2Pro is developing a disruptive way of producing hydrogen from water. Similar to electrolysis, its technology, E-TAC (Electrochemical – Thermally Activated Chemical), uses electricity to split water into hydrogen and oxygen. Unlike conventional electrolysis however, hydrogen and oxygen are generated separately in different steps – an Electrochemical step and a Thermally Activated Chemical step.