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