What is Utility?
Utility is a pioneering industrial technology firm dedicated to the decarbonization of heavy industry. Its core innovation, the H2Gen technology, utilizes a proprietary electrochemical process to produce high-purity hydrogen from industrial off-gases and biogases without the need for external electricity. This breakthrough not only facilitates the transition to net-zero for sectors such as steel, chemicals, and oil and gas but also generates a high-concentration carbon dioxide stream, significantly streamlining carbon capture efforts. With a modular and scalable design, Utility provides a practical, cost-effective pathway for industrial players to reduce their carbon footprint while maintaining operational efficiency.
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 Samsung Electronics, Nova Scotia, Aramco Europe, and Ara Partners
Series B (2022): $25M supported by Samsung Electronics, Aramco Europe, and Ara Partners
Series C (2024): $53M, investors not publicly disclosed
Series D (2026): $100M backed by Ara Partners and APG
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.
Samsung Electronics
Samsung is a global technology company engaged in the research, development, and manufacturing of a diverse portfolio of semiconductor technologies and enterprise solutions.
APG
APG is a prominent pension fund management company providing asset management, retirement fund administration, and strategic investment services.
What's next for Utility?
With the successful closure of its Series D round, Utility is poised to shift its focus toward large-scale commercial deployment and international market expansion. The strategic backing from institutional investors provides the necessary liquidity to enhance manufacturing capacity and refine its H2Gen technology for broader industrial applications. Moving forward, the company will likely prioritize partnerships with major industrial conglomerates to integrate its systems into existing assets, thereby solidifying its role as a key enabler of the global industrial energy transition. The focus remains on achieving cost parity in hydrogen production while scaling operations to meet the urgent demand for sustainable industrial solutions.
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