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Steel companies are increasingly turning to the startup ecosystem for innovative ideas and cutting-edge technologies to drive decarbonisation and sustainability efforts.
Tata Steel's flagship startup engagement programme, Innoventure, now in its fifth year, is primarily focused on sustainability and decarbonisation, with approximately 55% of current startup engagements centred around these areas. Similarly, ArcelorMittal has launched the India Accelerator programme to support decarbonisation goals, while JSW Steel is actively scouting for startups to drive technology development aimed at decarbonising the steel and cement sectors.
Steel and cement production are known for their high carbon emissions, contributing significantly to global energy-related carbon emissions. This has prompted a shift towards climate-focused initiatives within the industry. Startups are seen as instrumental in driving this transformation due to their agility and innovative approaches.
Debashish Bhattacharjee from Tata Steel's technology and R&D division emphasises the need for both new technologies and a fresh mindset to drive innovation in the industry. Innoventure acts as a matchmaking platform, connecting startups with Tata Steel's needs, with over 15,000 startups in its network.
ArcelorMittal's collaboration with startups for green initiatives is evident through its XCarb Innovation Fund and accelerator programmes, aimed at developing breakthrough technologies for decarbonisation. The company has committed substantial investments to support startups working on climate solutions.
While some companies may opt for equity partnerships with startups, Tata Steel generally focuses on providing support for acceleration and proof-of-concept without taking equity stakes. Instead, the emphasis is on mutual benefit through collaboration and platform scaling.
Overall, the steel industry's partnership with startups underscores the critical role of innovation in driving sustainability and decarbonisation efforts, with startups offering fresh perspectives and solutions to address the sector's environmental challenges.
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