Utility Global, a Huston, TX-based sustainable hydrogen company, raised $25M in Series B funding.
The round was led by Ara Partners with participation from Samsung Ventures, NOVA and Aramco.
The company intends to use the funds for final product and systems development, expansion of manufacturing capability, and new strategic hires focused on rapid market development.
Led by newly appointed CEO Claus Nussgruber, Utility Global is advancing products based on the eXERO (Electroless Coupled Exchange Reduction Oxidation) Process. This proprietary process is an industry first that utilizes zero electricity to convert sustainable waste streams directly into high-purity hydrogen. Through this process, the H2Gen product line will deliver customers reliable, low-cost and low-carbon, high-purity hydrogen.
The company is currently in partnership discussions with multiple organizations for field demonstration programs that will jumpstart product availability and shipment worldwide.
FinSMEs
08/08/2022