Utility Global Secures $100M First-Close to Scale H2Gen Commercial Rollout

Utility Global has secured a $100 million first close in its Series D to transition H2Gen from demonstration to industrial-scale commercial deployments. The injection of growth capital targets increased manufacturing capacity, bolstered project teams, and underpins near-term commercial projects across Americas, Europe, and Asia.

Utility’s H2Gen platform uses an electrochemical process that consumes water and industrial off-gases to produce high‑purity hydrogen and a concentrated, capture-ready CO₂ stream without drawing grid electricity. The design targets on-site integration inside heavy industry assets, reducing footprint and enabling easier deployment in sectors such as steel, refining, petrochemicals, and upstream oil and gas.

Primary investors leading the close are Ara Partners and APG Asset Management, with Ara remaining the majority backer and steering commercial scale strategy. Utility’s announced commercial partners include Kyocera, ArcelorMittal, Symbio North America, Maas Energy Works, and a municipal collaboration in Seongnam, Korea, which together signal cross‑sector and cross‑regional adoption pathways.

The combined product outputs—economically priced hydrogen plus a high‑concentration CO₂ stream—are positioned to improve project-level carbon capture economics and lower processing complexity for downstream CCUS. Utility frames the technology as competitive on both cost and reliability against incumbent fossil-based hydrogen and steam-reforming options, aiming at direct plant retrofits rather than greenfield rebuilds.

Financial advisors on the transaction included the energy team at Perella Weinberg (TPH & Co.) and BDA Partners, which supports a structured commercialization path. The new capital is intended to accelerate multiple named deployments and support repeatable module production, signaling a shift from project validation to serial execution.

For buyers in hard‑to‑abate industry, the value proposition is dual: immediate hydrogen supply for process substitution and a lower-cost CO₂ stream that simplifies capture or utilization. If Utility scales to the announced regions, the expected impact is faster decarbonization cycles and improved unit economics for CCUS at industrial sites that otherwise face high retrofit costs.