BDA advises Utility Global on US$100m capital raise led by APG Asset Management & ARA Partners

BDA Partners is pleased to announce that its client, Utility Global, has raised US$100m as part of an ongoing Series D capital raise. The round was led by APG Asset Management on behalf of ABP, the Netherlands’ largest pension fund, and impact investor Ara Partners.

Utility Global is a Houston-based industrial decarbonization technology company, enabling practical solutions for hard-to-abate sectors and aiming to unlock an affordable beyond-net-zero, low-carbon future.

Utility’s proprietary H2Gen® technology enables conversion of water into clean hydrogen and high-purity CO₂ without electricity, using industrial off-gases, supporting scalable decarbonization while enabling economic carbon capture, utilization, and sequestration (CCUS). The technology is designed to integrate directly into existing industrial infrastructure in hard-to-abate assets, delivering repeatable deployments across steel, refining, petchems, chemicals, low carbon fuels, and upstream oil & gas.

This latest round significantly expands Utility’s funding base, which includes investment from partners such as ArcelorMittal, Ontario Power Generation, Aramco, Samsung, and Saint-Gobain. The financing will support the global deployment of Utility’s technology, enabling cost‑effective hydrogen production and highly concentrated CO₂.

Proceeds will be used to expand manufacturing, strengthen project delivery, and advance commercial deployment across the Americas, Europe, and Asia, building on partnerships with Kyocera, Symbio North America, Seongnam Municipal Government in Korea, Maas Energy Works, and ArcelorMittal, focusing on viable solutions.

Ara Partners remains the majority investor in Utility Global, having first invested in 2021, supporting Utility’s transition from technology to global commercial execution.

Parker Meeks, CEO and President, Utility Global, said: “This financing marks a critical step in Utility’s transition from a proven technology to full-scale global commercial execution. Industrial customers are no longer looking for pilots or promises; they need deployable solutions”.

Cory Steffek, Partner at Ara Partners, and Utility Global board chair, said: “Utility is tackling one of the most difficult challenges in the energy transition: decarbonizing hard‑to‑abate industrial sectors. With this new funding, Utility is well positioned for its next chapter of commercial growth.”

Mark Webster, Chairman of BDA’s Sustainability team, said: “We’re pleased to have advised Utility Global on this important capital raise, bringing together cross-border capital and a mission-critical decarbonization solution. BDA is proud to support Utility’s scale-up and commercialization.”

Ruari Sinclair, Managing Director, BDA, said: “This financing reflects the increasing global appetite for industrial decarbonization technologies and the ability of quality innovators to attract international investors. We congratulate Utility Global, Ara Partners and APG on this milestone, and look forward to Utility’s further progress as it accelerates go-to-market execution across energy- and emissions-intensive end markets.”