Utility Global has secured $100 million in the first close of its Series D funding round, with the investment led by Ara Partners and APG Asset Management, which invests on behalf of Dutch pension funds.
The company said the financing would support the global deployment of its proprietary H2Gen® technology at industrial scale. The capital will be used to expand manufacturing capacity, strengthen project delivery teams and advance commercial projects across the Americas, Europe and Asia.
Utility recently announced partnerships and projects with Kyocera, Symbio North America Corporation, the Seongnam Municipal Government of Korea, Maas Energy Works and ArcelorMittal. The company said it remains focused on integrating its technology directly into existing industrial processes to support near-term emissions reductions.
H2Gen® technology converts water into clean hydrogen and a high-purity CO₂ stream without the use of electricity, instead relying on industrial off-gases. The process is designed to support carbon capture, utilisation or sequestration (CCUS) and to integrate into hard-to-abate sectors including steel, refining, petrochemicals, chemicals, low-carbon fuels and upstream oil and gas.
“This financing marks a critical step in Utility’s transition from a proven technology to full-scale global commercial execution,” said Parker Meeks, Chief Executive Officer and President of Utility Global. “Industrial customers are no longer looking for pilots or promises; they need deployable solutions that work within existing assets and deliver true economic industrial decarbonization today that is operationally reliable and highly scalable. Utility’s technology produces both economic clean hydrogen and capture-ready CO₂ streams, and this capital enables us to scale and deploy that impact globally with speed, discipline, and rigor.”
Ara Partners, which first invested in Utility in 2021, remains the majority investor. The firm focuses on industrial decarbonisation opportunities and continues to support the company’s commercial expansion.
“Utility is tackling one of the most difficult challenges in the energy transition: decarbonising hard-to-abate industrial sectors,” said Cory Steffek, Partner at Ara Partners and Chair of Utility Global’s board. “What sets Utility apart is its ability to compete head-to-head with conventional fossil-based solutions on cost and reliability, even as it materially reduces emissions. With this new funding, Utility is well positioned for its next chapter of commercial growth while maintaining the technical excellence and capital discipline that have defined its development to date.”
TPH & Co., the energy business of Perella Weinberg Partners, and BDA Partners acted as financial advisers to Utility Global.
