Sustainable hydrogen company Utility Global announced today that it has raised $25 million in a Series B funding round, with proceeds aimed toward commercializing its line of products based on a process that uses zero electricity to transform sustainable waste streams into hydrogen.
The company also announced the appointment of Claus Nussgruber as Chief Executive Officer.
Founded in 2018, Utility Global is developing the Electroless Coupled Exchange Reduction Oxidation (eXero) process, which utilizes zero electricity to convert sustainable waste streams into high-purity hydrogen. The company’s H2GEN product line aims to deliver low-cost and low-carbon hydrogen.
Nussgruber joins Utility Global after serving as Vice President, Global CO2 Solutions at industrial gases company Air Products, where he spearheaded the company’s global hydrogen decarbonization agenda. Prior to this, he served for 27 years at global industrial gases and engineering company Linde, most recently as President, Global Helium, Rare, and Specialty Gases.
“At Utility Global, we are not simply upgrading or outperforming what the industry has already built — we’ve developed something entirely new. We’re delivering disruptive technology solutions that overcome legacy sustainability challenges, enabling the energy transition to advance towards a beyond-net-zero low carbon world – and doing it in a simpler, more cost-effective way.”
The funding round was led by industrial decarbonization-focused private equity investor Ara Partners and included strategic investments by Samsung Ventures, NOVA by Saint-Gobain and Aramco. According to Utility Global, the new funding will be used for final product and systems development, expansion of production capability, and new strategic hires.
Cory Steffek, Partner at Ara Partners, said:
“It is not very often that we find a company with the potential to disrupt an entire industry and positively impact the world at the same time. We are confident in Claus Nussgruber’s unique leadership talent and believe his strong track in both the industrial gas and energy transition spaces creates a strong growth trajectory for Utility Global.”