Utility Global, 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.
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.
Under the Collaboration Agreement, Utility Global will deploying facility at one or more of ArcelorMittal’s integrated steel plants, with site identification to be announced at a later date.
Utility Global is a Houston, Texas-based off-gas-to-value company, 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.
Photo of Utility Global
Press release https://shorturl.at/0eGZq
