The round was led by Ara Partners and APG Asset Management (one of the world's largest pension investors on behalf of Dutch pension funds). This milestone financing will allow Utility to globally deploy its proprietary H2Gen® technology at industrial scale.

Utility delivers practical solutions that enable economic industrial decarbonization across hard-to-abate sectors including steel, mobility, refining, chemicals, and upstream oil & gas. The company's breakthrough H2Gen® technology harnesses energy from industrial off-gases and biogases to produce application-specific, high-purity hydrogen with low-to-negative carbon intensity on-site from water, without electricity, using a proprietary electrochemical process.

H2Gen® also produces a high-concentration carbon dioxide stream, significantly reducing the cost and complexity of carbon capture. Modular, scalable, and operationally flexible, H2Gen® systems integrate seamlessly into existing industrial assets with a record-small footprint, enabling practical and economical decarbonization.