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 breakthrough 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 key benefit of the H2Gen® system is its ability to simultaneously produce a concentrated carbon dioxide stream, thereby simplifying and reducing the cost of carbon capture. Designed for modularity, scalability, and operational flexibility, these systems integrate seamlessly into existing industrial infrastructure with a minimal footprint, making practical and economical decarbonization achievable.
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 Aramco Europe, Ara Partners, and Samsung
Series B (2022): $25M supported by Ara Partners, Aramco Europe, Nova Scotia, and Samsung
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.
Aramco Europe
Aramco Europe is an entity associated with Saudi Aramco, a global leader in integrated energy and chemicals. Their involvement suggests a strategic interest in advanced energy technologies and decarbonization solutions within the industrial sector.
Samsung
Samsung Electronics is a global leader in technology and consumer electronics, known for its innovation across various sectors. Their investment in Utility indicates a potential interest in the intersection of industrial technology and sustainable energy solutions.
What's next for Utility?
With substantial enterprise-level backing, Utility is poised for significant scaling and market penetration. The recent strategic investment is expected to accelerate the deployment of its H2Gen® technology, further solidifying its position in the hard-to-abate industrial sectors. This capital infusion will likely support expanded manufacturing capabilities, enhanced research and development for next-generation decarbonization solutions, and broader market outreach. The company's focus on integrated, on-site hydrogen production and carbon capture positions it as a key player in the global transition towards a low-carbon economy.
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