Utility Global Raises $53 Million in Series C Funding for eXERO™ Technology

Utility Global has completed a Series C financing round totaling $53 million, primarily to advance its eXERO™ technology for converting gas in hard-to-decarbonize sectors. The funding was led by the OPG Pension Plan and included investments from ArcelorMittal's XCarb® Innovation Fund, Ara Partners, and Aramco Ventures.

The company plans to finalize designs and produce its initial commercial units, expected to launch in 2026 under the H2Gen product line. A collaboration with ArcelorMittal aims to establish a commercial facility at their integrated steel plants. The successful demonstration of hydrogen production from blast furnace gases represents a critical achievement, potentially accelerating decarbonization efforts within the steel industry.