Utility Global raises $53M in Series C round

In Texas, Utility Global, the off-gas-to-value company pioneering its proprietary eXERO gas production technology optimized for hard-to-abate industries, today announced that it has raised $53 million of an ongoing Series C financing led by the OPG Pension Plan and joined by multinational steel company, ArcelorMittal S.A. via its XCarb Innovation Fund, alongside current investors Ara Partners and Aramco Ventures. This investment is part of Utility Global’s current growth equity funding round. ArcelorMittal and Utility Global also entered into a Collaboration Agreement to develop a commercial facility at one or more of ArcelorMittal’s integrated steel plants. These key strategic investments and commercialization steps further demonstrate the unique technological approach Utility Global is pursuing to decarbonize industries such as steel, biogas to hydrogen mobility, energy production, chemicals and refining, and other hard-to-abate sectors.

The proceeds from this round will serve to further accelerate commercialization and go-to-market strategies for Utility Global’s proven, patented and tested eXERO technology. With the successful completion of its demonstration program at a commercial steel facility resulting in the first hydrogen ever produced from blast furnace off-gases in a single reactor, the company has shifted to commercial deployments. Specifically, the investments will focus on final design and productization aimed at deploying first commercial units in 2026, under the company’s H2Gen product line. Utility Global’s innovative technology will transform steel, biogas to mobility, and other industries by introducing a new, cost-effective way of reducing greenhouse gas emissions while producing low-carbon intensity fuels and chemicals that benefit all involved.