The capital, raised from a Series D round led by private equity firm Ara Partners and pension investor APS Asset Management, will finance Utility’s manufacturing expansion and support commercial deployments across the Americas, Europe, and Asia.
The US-based company’s H2Gen system produces hydrogen from low-pressure steam and pre-treated gases like industrial off-gas or biogas, alongside high-purity carbon dioxide.
The firm claims it offers a low-cost, feedstock-versatile and modular solution which could be used in steel, chemicals, or refining plants to displace grey hydrogen consumption.
Utility CEO, Parker Meeks, said the funding could help unlock the firm’s transition to commercial deployments.
“Industrial customers are not looking for pilots or promises,” he said. “They need deployable solutions that work within existing assets and deliver true economic industrial decarbonisation today.”
So far, Utility has demonstrated its technology in steelmaking with an unnamed company in North America. It has also started exploring the potential of deploying its system at an ArcelorMittal site in Brazil.
It is also looking at deployments at Californian biogas sites and South Korean wastewater treatment facilities.
Utility Global pitches hydrogen tech as the missing link for CO2 capture
Most hydrogen technology firms lead with the promise of clean fuel. Utility Global starts with carbon dioxide and the liabilities it helps solve.
“In industries like steel, refining, and chemicals, most of our customers see us as much as a CO2 concentration technology, as a hydrogen production technology,” CEO Parker Meeks told H2 View.
That’s because the company’s H2Gen technology, which uses industrial off-gases to make hydrogen from water, also generates CO2 at concentrations that can exceed 70% – something experts claim could slash the cost and energy demand of carbon capture…
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