Utility Global, a leader in off-gas-to-value solutions with its proprietary eXERO™ gas production technology designed for hard-to-abate industries, has raised $53 million in its ongoing Series C financing round. This round was led by the OPG Pension Plan and included participation from ArcelorMittal S.A. (NYSE: MT) through its XCarb® Innovation Fund, as well as existing investors Ara Partners and Aramco Ventures.
As part of this investment, Utility Global and ArcelorMittal have signed a Collaboration Agreement to develop a commercial facility at one or more of ArcelorMittal’s integrated steel plants. These strategic investments highlight Utility Global’s innovative approach to decarbonizing industries such as steel, biogas-to-hydrogen mobility, energy production, chemicals, and refining.
The funds raised will accelerate the commercialization and go-to-market strategies for Utility Global’s tested and patented eXERO technology. The company recently completed a demonstration program at a commercial steel facility, marking the first hydrogen production from blast furnace off-gases in a single reactor. This success positions the company for commercial deployments, with plans to launch its first commercial units in 2026 under the H2GenTM product line.
Claus Nussgruber, CEO of Utility Global, emphasized the support from high-caliber investors, noting the increasing demand for cost-effective onsite decarbonization solutions. He stated, “Our eXERO solution is the first of its kind to convert process gases 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.”
ArcelorMittal’s XCarb® Innovation Fund, launched in 2021, focuses on investing in breakthrough technologies that facilitate the steel industry’s transition to carbon-neutral steelmaking. Since its inception, the fund has committed to eight companies across various decarbonization technologies, including renewable energy and green hydrogen production.
Under the Collaboration Agreement, Utility Global will identify sites for the commercial facility at ArcelorMittal’s integrated steel plants, with details to be announced later.
Irina Gorbounova, Head of the ArcelorMittal XCarb® Innovation Fund, highlighted the importance of cost-effective and scalable decarbonization technologies for hard-to-abate sectors like steel. She expressed excitement about the potential of Utility Global’s eXERO technology to contribute to this goal.
Ara Partners remains a majority investor in Utility Global, committed to decarbonizing the industrial economy. Ara has supported Utility Global since 2021 and continues to back its growth as the company prepares for commercial unit deployments. Cory Steffek, a partner at Ara, expressed enthusiasm for the addition of ArcelorMittal and OPG Pension Plan as distinguished investors in Utility Global..
