money moves

Houston energy company focused on decarbonization raises $53M series C

Utility Global’s technology enables reduction of greenhouse gas emissions along with generation of low-carbon fuels and chemicals. Photo courtesy of Utility Global

Houston-based Utility Global, a maker of decarbonization-focused gas production technology, has raised $53 million in an ongoing series C round.

Among the participants in the round are Canada’s Ontario Power Generation Pension Plan, the XCarb Innovation Fund operated by Luxembourg-based steel company ArcelorMittal, Houston-based investment firm Ara Partners, and Saudi Aramco’s investment arm.

Also, Utility Global and ArcelorMittal have agreed to develop at least one decarbonization facility at an ArcelorMittal steel plant.

The latest infusion of cash will support the rollout of Utility Global’s eXERO technology, including establishment of the company’s first commercial facilities in 2026.

“With the successful completion of its demonstration program at a commercial steel facility resulting in the first hydrogen ever produced from blast furnace off-gasses in a single reactor, the company has shifted to commercial deployments,” Utility Global says in a news release.

Utility Global’s technology enables reduction of greenhouse gas emissions along with generation of low-carbon fuels and chemicals.

“Our eXERO solution is the first of its kind to convert process gasses into clean hydrogen in a single reactor, onsite, in a cost-effective manner that extends the life of existing customer assets and processes while providing significant emissions reductions,” says Claus Nussgruber, CEO of Utility Global.

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A View From HETI

Chart Industries reported $4.3 billion in revenue for fiscal year 2025. Photo courtesy Baker Hughes

Houston-based energy technology company Baker Hughes has completed its $13.6 billion acquisition of Chart Industries, a provider of equipment and services for liquefying gases like LNG, hydrogen, nitrogen and oxygen.

Baker Hughes says the deal advances its “strategic vision” to be a leader in energy and industrial technology.

Jim Apostolides, who had previously served as chief infrastructure and performance officer at Baker Hughes, leads the Chart business in his new role as senior vice president. Chart President and CEO Jill Evanko left the company in January to become CEO of Duravant, which makes equipment for food processing, packaging and materials handling.

Publicly traded Chart reported $4.3 billion in revenue for fiscal year 2025. Its customers operate in sectors such as gas infrastructure, nuclear, data centers, carbon capture and storage, space, and geothermal energy.

“Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy,” Lorenzo Simonelli, chairman and CEO of Baker Hughes, said in a news release. “Together, we will expand the solutions we deliver across a broader range of energy and industrial markets and create greater value for customers and shareholders.”

Chart will operate as a new financial reporting segment within Baker Hughes, reflecting what Baker Hughes says is the “scale and strategic importance of its differentiated capabilities in air and gas handling, thermal management, and lifecycle services.”

Baker Hughes announced the Chart deal last July.

“We know Chart well, having worked alongside them on many critical energy infrastructure projects,” Signorelli said last year. “Their products and services are highly complementary to our offerings and strongly aligned with our intent to deliver distinctive and efficient end-to-end lifecycle solutions for our customers across their most critical applications.”

Chart’s website lists offices in Houston, The Woodlands, and Austin, with corporate headquarters in Ball Ground, Georgia. It’s unclear what will happen to those offices.

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