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- Utility Global Raises $53M in Series C Funding, Advances Decarbonization Technology
Utility Global Raises $53M in Series C Funding, Advances Decarbonization Technology
Slice of Energy Team
September 27, 2024
Key Highlights:
Utility Global raises $53M led by OPG Pension Plan and ArcelorMittal’s XCarb® Innovation Fund.
Collaboration Agreement with ArcelorMittal for commercial facility deployment at steel plants.
Funding supports eXERO™ technology commercialization aimed at hard-to-abate industries.
Commercial deployments of H2Gen™ product line targeted for 2026.
Source: Business Wire
Notable Quotes:
“Customers and investors are seeking cost-effective, onsite decarbonization solutions that provide material reductions in greenhouse gas emissions this decade.”
“Utility Global’s eXERO technology platform has the potential to be cost-effective and scalable, which is what makes it an attractive investment for our Innovation Fund.”
Our Take:
Utility Global’s innovative approach to decarbonization through its proprietary eXERO™ technology is a game-changer for industries that are traditionally hard to decarbonize. The strategic investment from major players like ArcelorMittal and Ara Partners, alongside the collaborative efforts to deploy commercial units, marks a significant milestone in reducing emissions in sectors like steelmaking. The company’s focus on creating onsite, cost-effective hydrogen production solutions demonstrates its potential to transform industries while supporting global sustainability goals.