Utility Global Secures $53 Million in Series C Financing Led by OPG Pension Plan and ArcelorMittal
Utility Global has raised $53 million in a Series C funding round aimed at commercializing its eXERO™ gas conversion technology. This financing, led by OPG Pension Plan and ArcelorMittal's XCarb® Innovation Fund, will accelerate the deployment of production units targeting 2026.
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Utility Global has secured $53 million in a Series C financing round to advance its proprietary eXERO™ technology, which converts gas for hard-to-decarbonize industries. The round was led by OPG Pension Plan, with participation from ArcelorMittal's XCarb® Innovation Fund, Ara Partners, and Aramco Ventures.
The funds will be used to finalize designs and produce the first commercial units, anticipated to launch in 2026 within the H2Gen product line. A cooperation agreement with ArcelorMittal aims to develop a commercial facility at one or more of their integrated steel plants.
The successful demonstration of hydrogen production from blast furnace gases marks a significant milestone for Utility Global. This investment may catalyze further advancements in decarbonization technologies across various sectors, influencing the steel industry’s transition to lower carbon emissions.
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