Utility Global, a company specializing in off-gas-to-value technology, has raised $53 million in an ongoing Series C funding round. The round was led by the OPG Pension Plan, with participation from ArcelorMittal S.A. (NYSE: MT) through its XCarb® Innovation Fund, alongside existing investors Ara Partners and Aramco Ventures. This funding round is part of Utility Global’s growth strategy and includes a collaboration agreement with ArcelorMittal to develop a commercial facility at one or more of the steel giant’s integrated plants.
Utility Global’s proprietary eXERO™ gas production technology is designed to decarbonize hard-to-abate industries such as steel, biogas-to-hydrogen mobility, energy production, chemicals, and refining. The fresh capital will accelerate the commercialization and go-to-market plans for the eXERO technology, which has already demonstrated success by producing hydrogen from blast furnace off-gases in a single reactor at a commercial steel facility. The company is now focusing on final design and productization, with plans to deploy its first commercial units under the H2Gen™ product line in 2026.
Claus Nussgruber, CEO of Utility Global, highlighted the company’s growing base of high-profile investors, saying, “Our eXERO solution is the first to convert process gases into clean hydrogen in a single reactor, providing cost-effective, onsite decarbonization solutions that significantly reduce emissions.”
ArcelorMittal’s XCarb® Innovation Fund, launched in 2021, has been investing in breakthrough technologies aimed at decarbonizing the steel industry. The fund has committed investments across various decarbonization technologies, including renewable energy, green hydrogen production, and carbon capture.
Irina Gorbounova, Head of the XCarb® Innovation Fund, emphasized the importance of scalable and cost-effective solutions for hard-to-abate sectors like steel. “Utility Global’s eXERO technology platform has the potential to meet these needs, making it an attractive investment,” she stated.
Ara Partners, which remains a majority investor in Utility Global, is dedicated to decarbonizing the industrial economy. Ara’s partner and Utility Global board member, Cory Steffek, expressed support for the company’s growth and the addition of ArcelorMittal and the OPG Pension Plan as investors. Ara has raised over $6 billion since 2017, with a portfolio of around 30 companies focused on decarbonization.
Saint-Gobain is also among Utility Global’s early investors, and TPH&Co., the energy division of Perella Weinberg Partners, served as exclusive financial advisor for this funding round.
