What is Utility?
Utility is at the forefront of enabling economic industrial decarbonization across challenging sectors such as steel, mobility, refining, chemicals, and upstream oil & gas. The company's proprietary H2Gen® technology offers a groundbreaking approach to producing application-specific, high-purity hydrogen on-site. This process harnesses energy from industrial off-gases and biogases, utilizing water without electricity through a unique electrochemical method. A significant advantage of the H2Gen® system is its ability to simultaneously capture a concentrated carbon dioxide stream, thereby reducing the cost and complexity associated with carbon capture initiatives. The modular and scalable nature of the technology, coupled with its small operational footprint, allows for seamless integration into existing industrial infrastructure, making practical and economical decarbonization a reality. Utility's commitment to sustainability and industrial efficiency positions it as a key player in the global transition to cleaner energy.
How much funding has Utility raised?
Utility has raised a total of $208M across 5 funding rounds:
Series A
$5M
Series B
$25M
Series B
$25M
Series C
$53M
Series D
$100M
Series A (2020): $5M, investors not publicly disclosed
Series B (2022): $25M led by Ara Partners, Samsung Electronics, Nova Scotia, and Aramco Europe
Series B (2022): $25M supported by Aramco Europe, Ara Partners, and Samsung Electronics
Series C (2024): $53M, investors not publicly disclosed
Series D (2026): $100M backed by APG and Ara Partners
Key Investors in Utility
Ara Partners
Ara Partners is a global private equity firm focused on decarbonizing the industrial economy by commercializing and scaling companies that contribute to the transition to net-zero. The firm invests in high-polluting sectors, providing products and services with reduced waste and emissions while maintaining cost parity.
Samsung Electronics
Samsung Electronics is a global leader in technology and consumer electronics, known for its innovation across a wide range of products and its significant investments in emerging technologies and sustainable solutions.
APG
APG is a major pension fund management company that manages assets for various pension funds, with a focus on long-term investments and sustainable practices.
What's next for Utility?
With the recent infusion of $100M in a major strategic investment, Utility is poised for accelerated growth and market expansion. This significant capital injection, following a history of substantial funding rounds including Series A, B, C, and D, indicates strong investor confidence in Utility's H2Gen® technology and its potential to revolutionize industrial decarbonization. The company's trajectory suggests a focus on scaling production capabilities, enhancing technological development, and forging strategic partnerships to penetrate hard-to-abate sectors. The backing from prominent investors like Ara Partners, known for its focus on decarbonizing the industrial economy, and global technology leader Samsung Electronics, highlights the strategic importance and broad applicability of Utility's solutions. Future endeavors will likely involve expanding the deployment of H2Gen® systems globally, further solidifying Utility's position as a leader in the clean hydrogen and carbon capture market.
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