Utility Global Raises USD 100 Million to Scale Clean Hydrogen Technology

Houston-based cleantech company Utility Global has raised USD 100 million in a Series D funding round to scale its H2Gen hydrogen technology platform for decarbonizing hard-to-abate industrial sectors. The round was led by Ara Partners and APG Asset Management.

Founded in 2018, Utility Global provides solutions aimed at decarbonizing sectors including steel, mobility, refining, chemicals, and upstream oil and gas. The company's proprietary H2Gen technology converts water into clean hydrogen and a high-purity CO2 stream without electricity, utilizing industrial off-gases from existing infrastructure. H2Gen is designed to integrate directly into current industrial assets, supporting decarbonization while also producing a high-concentration CO2 stream that significantly reduces carbon capture costs. Ara Partners first invested in Utility Global in 2021 and also participated in the company's USD 53 million Series C round in 2024.

Decarbonizing hard-to-abate industries — steel, cement, chemicals, refining — requires solutions that can retrofit into existing infrastructure without requiring complete rebuilds. Utility Global's approach of converting industrial off-gases into clean hydrogen and capture-ready CO2 directly addresses this constraint. The technology offers both economic clean hydrogen production and a CO2 stream ready for sequestration, making it applicable across a broad range of industrial settings. For India, where heavy industry accounts for a significant share of national emissions and the government has set ambitious green hydrogen targets under the National Green Hydrogen Mission, technologies that retrofit into existing plants are particularly relevant.

Utility Global plans to use the Series D proceeds to deploy H2Gen globally at industrial scale with speed and discipline. CEO Parker Meeks emphasized that industrial customers are no longer seeking pilots but need deployable solutions that work within existing assets and deliver reliable, scalable decarbonization today. The combination of clean hydrogen production and capture-ready CO2 output positions Utility Global to benefit from multiple policy and market tailwinds, including clean hydrogen incentives and carbon capture mandates across North America, Europe, and Asia. The company's growing investor base, anchored by PGGM predecessor Ara Partners and APG, signals institutional confidence in the platform.

Key figure — USD 100 million Series D