Additional investments in round led by the OPG Pension Plan, and joined by ArcelorMittal XCarb® Innovation Fund, Ara Partners and other existing investors

Utility Global, the off-gas-to-value company pioneering its proprietary eXERO™ gas production technology optimized for hard-to-abate industries, today announced that it has raised $53 million of an ongoing Series C financing led by the OPG Pension Plan and joined by multinational steel company, ArcelorMittal S.A. (NYSE: MT), via its XCarb® Innovation Fund, alongside current investors Ara Partners and Aramco Ventures. This investment is part of Utility Global’s current growth equity funding round. ArcelorMittal and Utility Global also entered into a Collaboration Agreement to develop a commercial facility at one or more of ArcelorMittal’s integrated steel plants. These key strategic investments and commercialization steps further demonstrate the unique technological approach Utility Global is pursuing to decarbonize industries such as steel, biogas to hydrogen mobility, energy production, chemicals and refining, and other hard-to-abate sectors.

The proceeds from this round will serve to further accelerate commercialization and go-to-market strategies for Utility Global’s proven, patented and tested eXERO technology. With the successful completion of its demonstration program at a commercial steel facility resulting in the first hydrogen ever produced from blast furnace off-gases in a single reactor, the company has shifted to commercial deployments. Specifically, the investments will focus on final design and productization aimed at deploying first commercial units in 2026, under the company’s H2Gen^TM product line. Utility Global’s innovative technology will transform steel, biogas to mobility, and other industries by introducing a new, cost-effective way of reducing greenhouse gas emissions while producing low-carbon intensity fuels and chemicals that benefit all involved.

“We have a growing number of high-caliber investors supporting our commercialization. Customers and investors are seeking cost-effective, onsite decarbonization solutions that provide material reductions in greenhouse gas emissions this decade,” stated Claus Nussgruber, chief executive officer of Utility Global. “Our eXERO solution is the first of its kind to convert process gases into clean hydrogen in a single reactor, onsite, in a cost-effective manner that extends the life of existing customer assets and processes, while providing significant emissions reductions.”

ArcelorMittal's XCarb® Innovation Fund, launched in 2021, has been investing in companies developing breakthrough technologies that will accelerate the steel industry’s transition to carbon neutral steelmaking. Since its launch, the fund has committed investments in eight companies covering a range of decarbonization technologies – renewable energy, long duration energy storage, carbon capture and utilization, green hydrogen production, nuclear energy, molten oxide electrolysis and biochar production.

Under the Collaboration Agreement, Utility Global will deploy a commercial facility at one or more of ArcelorMittal’s integrated steel plants, with site identification to be announced at a later date.

Irina Gorbounova, Head of ArcelorMittal XCarb® Innovation Fund commented, “For hard-to-abate sectors like steel, decarbonization technologies need to be cost-effective and scalable. Utility Global’s eXERO technology platform has the potential to be both, which is what makes it an attractive investment for our Innovation Fund. It is a welcome addition to the broad portfolio of investments which reside in the Innovation Fund, and we look forward to working alongside Utility Global’s management team to support the commercialization of the technology as it matures.”

Ara Partners (Ara) continues to be a majority investor in Utility Global. Ara’s sole purpose is to decarbonize the industrial economy by bridging the gap between IP and real assets. Ara invested in Utility Global in 2021 and continues to support the company’s growth trajectory as it prepares for commercial unit deployments. “We remain highly supportive of Utility Global and the management team,” said Cory Steffek, partner at Ara and Utility Global board member. “We are very pleased to add these two distinguished investors to the Utility Global brand and look forward to the commercial ramp with both companies.” Ara has a portfolio of approximately 30 companies focused on decarbonization, having raised in excess of $6 billion since 2017.

In addition to recent investments from Ara Partners, OPG Pension Plan, ArcelorMittal XCarb® Innovation Fund, and Aramco Ventures, early investors also include Saint-Gobain.

TPH&Co., the energy business of Perella Weinberg Partners, served as exclusive financial advisor to Utility Global.

About Utility Global

Utility Global is a Houston, Texas-based off-gas-to-value company pioneering the eXERO™ gas production technology to rapidly unlock an affordable beyond-net-zero low carbon future. Utility Global has developed a proprietary reactor which processes variable industrial process gases, without the use of electricity, into high-purity hydrogen and a concentrated CO2 stream that can be conveniently captured onsite from a single cost-effective location. The hydrogen produced from steelmaking gases can be recirculated into the steelmaking process to replace coke, while the purity of the concentrated CO2 stream significantly simplifies and reduces the cost of subsequent carbon capture - an important solution for decarbonizing existing steelmaking processes. The company’s mission is to deliver disruptive technology solutions that overcome legacy sustainability challenges through an unparalleled Innovation Engine and Rapid Commercialization Methodology.

For more information on Utility Global, please visit www.utilityglobal.com.

About Ara Partners

Ara Partners is a global private equity and infrastructure investment firm focused on industrial decarbonization. Founded in 2017, Ara Partners seeks to build and scale companies with significant decarbonization impact across the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture sectors. The company operates from offices in Houston, Boston, Washington, D.C., and Dublin. Ara Partners closed its third private equity fund in December 2023 with over $2.8 billion in capital commitments. As of June 30, 2024, Ara Partners had approximately $6.3 billion of assets under management.

For more information about Ara Partners, please visit www.arapartners.com.

About ArcelorMittal

ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India.

ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore.

Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal, please visit https://corporate.arcelormittal.com/.

About Aramco Ventures

Aramco Ventures is the corporate venturing arm of Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures strategic venturing programs invest globally in start-ups and high growth companies with technologies of strategic importance to its parent company, Aramco, primarily supporting its operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program.

For more information, please visit www.aramco.com/en.

About Saint-Gobain

Worldwide leader in light and sustainable construction, Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, light construction and the decarbonization of construction and industry are developed through a continuous innovation process and provide sustainability and performance. The Group’s commitment is guided by its purpose, “MAKING THE WORLD A BETTER HOME”.

For more information about Saint-Gobain, please visit www.saint-gobain.com/en.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240925245595/en/

Nicolia Wiles
PRIME|PR
O: 512.477.7373
M: 512.698.7373
nwiles@prime-techpr.com

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