Utility Global Secures $53M in Ongoing Series C Funding
Utility Global, a Texas-based off-gas-to-value company, has recently announced that it has secured $53 million in ongoing Series C funding. This significant investment comes from a variety of sources, including OPG Pension Plan and multinational steel company ArcelorMittal S.A. (NYSE: MT) through its XCarb® Innovation Fund, as well as existing investors Ara Partners and Aramco Ventures.
This funding will enable Utility Global to further accelerate the commercialization of its proprietary eXERO gas production technology, specifically designed for hard-to-abate industries. The company has already made significant progress in this area, recently completing a demonstration program at a commercial steel facility that resulted in the first-ever production of hydrogen from blast furnace off-gases in a single reactor.
The Future of eXERO Technology
With the support of this new funding, Utility Global is now focused on finalizing the design and productization of its eXERO technology, with the goal of deploying the first commercial units by 2026 under the company’s H2GenTM product line. This technology has the potential to revolutionize the way industrial process gases are processed, providing a cost-effective solution for producing high-purity hydrogen and a concentrated CO2 stream without the need for electricity.
The hydrogen produced by Utility Global’s eXERO technology can be used to replace coke in the steelmaking process, offering a more sustainable alternative for steel production. Additionally, the purity of the concentrated CO2 stream simplifies and reduces the cost of subsequent carbon capture, making it an essential tool for decarbonizing existing steelmaking processes.
Collaboration with ArcelorMittal
In addition to the funding, Utility Global has also entered into a Collaboration Agreement with ArcelorMittal to develop a commercial facility at one or more of the steel giant’s integrated plants. This partnership will further enhance the development and deployment of Utility Global’s technology within the steel industry, paving the way for more sustainable and environmentally friendly steel production practices.
Led by CEO Claus Nussgruber, Utility Global is at the forefront of innovation in the off-gas-to-value sector. The company’s commitment to providing cutting-edge solutions for hard-to-abate industries has positioned it as a key player in the transition towards a more sustainable future.
The ongoing Series C funding secured by Utility Global is a testament to the confidence that investors have in the company’s technology and its potential to drive significant change within the industrial sector. With this support, Utility Global is well-positioned to continue its mission of revolutionizing off-gas processing and providing sustainable solutions for industries around the world.