Utility Global has announced a first close of $100 million in its Series D financing round to accelerate the global deployment of its economic industrial decarbonization platform. The round was led by Ara Partners and APG Asset Management, one of the world’s largest pension investors representing Dutch pension funds.
The Houston-based company said the funding will support the large-scale commercial rollout of its proprietary H2Gen technology, which produces cost-effective clean hydrogen and highly concentrated CO₂ streams. The platform is designed to enable near-term, at-scale decarbonization of existing industrial assets in hard-to-abate sectors.
Proceeds from the financing will be used to expand manufacturing capacity, strengthen project delivery teams, and advance commercial deployments across the Americas, Europe, and Asia. The capital will also back recently announced strategic partnerships and projects with Kyocera, Symbio North America Corporation, Seongnam Municipal Government of Korea, Maas Energy Works, and ArcelorMittal.
Utility’s H2Gen technology converts water into clean hydrogen and a high-purity CO₂ stream without using electricity, instead leveraging industrial off-gases. The system is engineered to integrate directly into existing industrial infrastructure, enabling scalable deployments across steel, refining, petrochemicals, chemicals, low carbon fuels, and upstream oil and gas. By generating both hydrogen and capture-ready CO₂ streams, the company aims to support cost-effective carbon capture, utilization, or sequestration initiatives.
Ara Partners remains the majority investor in Utility Global, having first invested in the company in 2021. The firm focuses on scaling businesses that can deliver strong financial performance while reducing emissions in the industrial economy.
Support: TPH & Co., the energy business of Perella Weinberg Partners, and BDA Partners served as financial advisors to Utility Global on the transaction.
KEY QUOTES
“This financing marks a critical step in Utility’s transition from a proven technology to full-scale global commercial execution. Industrial customers are no longer looking for pilots or promises; they need deployable solutions that work within existing assets and deliver true economic industrial decarbonization today that is operationally reliable and highly scalable. Utility’s technology produces both economic clean hydrogen and capture-ready CO₂ streams, and this capital enables us to scale and deploy that impact globally with speed, discipline, and rigor.”
Parker Meeks, Chief Executive Officer and President, Utility Global
“Utility is tackling one of the most difficult challenges in the energy transition: decarbonizing hard-to-abate industrial sectors. What sets Utility apart is its ability to compete head-to-head with conventional fossil-based solutions on cost and reliability, even as it materially reduces emissions. With this new funding, Utility is well positioned for its next chapter of commercial growth while maintaining the technical excellence and capital discipline that have defined its development to date.”
Cory Steffek, Partner at Ara Partners and Utility Global Board Chair
