Saudi Aramco Ventures invests in Utility Global’s $53 million off-gas funding round
Investment supports commercialization of patented eXERO technology aimed at reducing greenhouse gas emissions
Saudi Aramco Ventures Boosts Investment in Utility Global’s $53 Million Funding Round
September 27, 2024
Saudi Arabia’s Aramco Ventures has increased its investment in Houston-based off-gas-to-value company Utility Global, which raised $53 million in an ongoing Series C funding round.
Funding details were not disclosed for the latest round, which was led by Canada’s OPG Pension Plan and joined by multinational steel giant ArcelorMittal through its XCarb Innovation Fund, along with existing investors Ara Partners and Aramco Ventures.
The investment is part of Utility Global’s ongoing growth equity funding round, the proceeds of which will be used to further accelerate the commercialization of the company’s patented eXERO technology to help reduce greenhouse gas emissions.
In late 2022, the venture capital arm of Saudi oil giant Aramco provided $25 million to the startup during a Series B investment.
Along with the most recent funding is a joint venture agreement between Utility Global and ArcelorMittal to construct a commercial building at one or more integrated steel mills.
