Utility Global, a Houston, TX-based global economic industrial decarbonization company enabling practical solutions for hard-to-abate sectors, has raised a first close of $100 million in its Series D financing round led by Ara Partners and APG Asset Management.
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The company plans to use the funds to grow operations and accelerate development. The financing will support Utility’s expansion by increasing manufacturing capacity, strengthening project delivery teams and advancing commercial deployments across the Americas, Europe and Asia. It will also support the recently announced strategic partnerships and projects with Kyocera, Symbio North America, the Seongnam Municipal Government in Korea, Maas Energy Works, and ArcelorMittal.
“This funding is a key step in Utility’s move from proven technology to full-scale global commercial rollout,” said Parker Meeks, CEO and President of Utility Global. “Industrial customers no longer want pilots or promises they need solutions that work with existing assets and deliver real, economically viable decarbonization today. Utility’s technology generates both clean hydrogen and capture ready CO₂ streams, and this capital lets us scale and deploy that impact worldwide with speed, discipline, and precision.”
Utility Global is a global company focused on practical decarbonization solutions for hard to abate industries. Its proprietary H2Gen® technology converts water into clean hydrogen and a high-purity CO₂ stream without electricity, using industrial off-gases. This approach supports scalable decarbonization while enabling economic carbon capture, utilization, or storage (CCUS). H2Gen® is designed to integrate with existing industrial infrastructure, enabling repeatable deployments across sectors such as steel, refining, petrochemicals, chemicals, low carbon fuels and upstream oil and gas.
Ara Partners remains the majority investor in Utility Global. Ara focuses on growing businesses that deliver strong performance while decarbonising the industrial economy. It first invested in Utility Global in 2021 and continues to support the company’s global commercial expansion and customer projects.
“Utility Global is tackling one of the toughest challenges in the energy transition: decarbonising hard-to-abate industrial sectors,” said Cory Steffek, Partner at Ara Partners and Utility Global board chair. “What makes Utility unique is its ability to compete directly with fossil based solutions on cost and reliability while significantly cutting emissions. With this new funding, Utility is well-positioned for its next phase of commercial growth while maintaining the technical excellence and capital discipline that have defined its progress.”
TPH & Co., the energy division of Perella Weinberg Partners, and BDA Partners are acting as financial advisors to Utility Global.
About Utility Global
Founded by CEO Parker Meeks, Utility Global provides practical solutions for economic decarbonization across hard to abate sectors, including steel, mobility, refining, chemicals and upstream oil & gas. Its H2Gen® technology uses industrial off gases and biogases to produce high-purity, application specific hydrogen on site from water, without electricity, through a proprietary electrochemical process, achieving low-to-negative carbon intensity.
H2Gen® also generates a high concentration carbon dioxide stream, cutting the cost and complexity of carbon capture. Modular, scalable and flexible, H2Gen® systems fit easily into existing industrial assets with a minimal footprint, making decarbonization practical and cost-effective.
About Ara Partners
Founded in 2017, Ara Partners is a global private markets firm focused on decarbonising the industrial economy. The firm invests in the middle market through Private Equity, Infrastructure and Energy strategies. Ara scales commercially proven decarbonization solutions, supports the businesses and infrastructure that enable their adoption, and cuts emissions at the source across the conventional energy value chain. Its approach combines investing, market and policy expertise, project execution, operational optimisation and rigorous carbon accounting to reduce emissions cost-effectively and drive industrial-scale growth. Ara has offices in Houston, Boston, Dublin, and Washington D.C., and as of September 30, 2025, managed approximately $6.6 billion in assets.
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