Utility Global, a Houston, TX-based off-gas-to-value company providing its proprietary eXERO™ gas production technology optimized for hard-to-abate industries, raised $53M in ongoing Series C funding.
The round was led by OPG Pension Plan and joined by multinational steel company, ArcelorMittal S.A. (NYSE: MT), via its XCarb® Innovation Fund, alongside current investors Ara Partners and Aramco Ventures.
The company intends to use the funds to further accelerate commercialization and go-to-market strategies for its eXERO technology. With the 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 H2GenTMproduct line.
Led by CEO Claus Nussgruber, Utility Global has developed a proprietary reactor which processes variable industrial process gases, without the use of electricity, into high-purity hydrogen and a concentrated CO2 stream that can be captured onsite from a single cost-effective location. The hydrogen produced from steelmaking gases can be recirculated into the steelmaking process to replace coke, while the purity of the concentrated CO2 stream simplifies and reduces the cost of subsequent carbon capture, an important solution for decarbonizing existing steelmaking processes.
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.
FinSMEs
25/09/2024