Through its investment fund, one of the world’s largest steelmakers is injecting $6.6 million in the Toronto-based startup, acquiring 11 million shares at 60 cents apiece. The two companies also signed a memorandum of understanding under which ArcelorMittal will buy biocarbon from Char’s renewable natural gas facility in Thorold, Ont. (The Logic)

Talking point: The investment in Char, which uses a high-temperature heating process to transform biomass into fuels and a solid “biocarbon” product that can be turned into fertilizer, will help the steel giant reduce its consumption of fossil fuels, the company said in a press release. Incorporated in 2011, Char is currently developing six projects in Ontario and Quebec producing fuels like syngas and biocarbon. Major steel developers are betting on new technologies to reduce emissions, both through carbon capture and storage as well as solid-state steel storage methods.