New Delhi, Feb 29 (KNN) In an era marked by challenges in value chains and an urgent need for decarbonisation, steel companies are embracing innovation from the startup ecosystem to revolutionise their operations towards sustainability. 

From Tata Steel's pioneering Innoventure program to ArcelorMittal's India Accelerator initiative, the steel industry is actively seeking fresh ideas and breakthrough technologies.

Tata Steel's Innoventure, now in its fifth year, underscores the company's commitment to sustainability, with over 55 per cent of its current startup engagements focused on decarbonisation efforts. 

This emphasis extends beyond decarbonisation to encompass advanced materials, mining, waste energy recovery, and water treatment.

ArcelorMittal, the world's second-largest steelmaker, has launched an India Accelerator program to bolster its decarbonisation objectives, particularly in collaboration with its Indian joint venture, ArcelorMittal Nippon Steel India (AM/NS India).

JSW Steel is also joining the fray, with its joint managing director and CEO, Jayant Acharya, spearheading efforts to identify startups capable of driving decarbonisation in the steel and cement sectors. 

Acknowledging the emission-intensive nature of these industries, Acharya emphasizes the strategic importance of integrating innovative technologies.

The partnership between steel giants and startups reflects a shared goal of tackling climate change. 

Debashish Bhattacharjee, VP of Technology and R&D at Tata Steel, emphasizes the need for both technological advancement and a cultural shift within corporate structures. 

Innoventure acts as a conduit, matching startups with Tata Steel's requirements, akin to a matchmaking service tailored to specific themes.

Currently, over 40 startups are actively conducting proof of concept experiments across Tata Steel's plants, covering various domains such as iron making, energy, CO2 reduction, hydrogen generation, and new materials. 

With a reservoir of 15,000 startups at their disposal, Tata Steel's Innoventure facilitates a dynamic exchange of ideas and expertise.

The collaboration isn't confined to domestic startups; Tata Steel's partnership with a UK-based startup resulted in the establishment of India's first carbon capture plant in a steel plant, a milestone achievement poised for further scalability.

Internationally, the trend of partnering with startups for sustainable initiatives is gaining momentum. 

ArcelorMittal's India Accelerator program, launched in collaboration with IIT Madras, signifies a concerted effort to leverage India's startup ecosystem for advancing climate goals.

(KNN Bureau)