ArcelorMittal said on Friday it has launched a clean technology venture capital fund with an initial investment of $20 million in California-based Miasole.

The company has also announced the launch of a carbon fund with an initial investment commitment of $157 million.

The new clean technology venture capital fund has invested $20 million in California-based Miasole, which is engaged in the development of thin-film solar panels, while the carbon fund has an initial investment commitment of $157 million, the steel-maker said.

"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 is managed by a team from ArcelorMittal Flat Carbon Americas and its investment decisions are taken by a six-person Investment Committee chaired by ArcelorMittal FCA CEO Lou Schorsch," it added.

The fund would support 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.

Further, in a bid to promote climate-friendly solutions that are relevant for the steel industry, ArcelorMittal has launched a new Carbon Fund with an initial investment commitment of Euro 100 million ($157 million).

The fund would invest in renewable energy, energy efficiency, methane capture and greenhouse gas reducing technologies.

The Mittal Steel-Arcelor saga