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Aramco Eyes Novel Hydrogen

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Oil giant Saudi Aramco has joined a group of high-powered global investors in supporting a $25 million funding round for an innovative producer of clean hydrogen. Houston-based Utility Global says its proprietary process can convert various waste streams into zero-emissions hydrogen more cheaply and using far less energy than other clean-hydrogen technologies. Utility Global’s H2Gen products are based on the company’s “electroless coupled exchange reduction oxidation process,” or what the company calls "eXERO." The process is “an industry first” that uses no electricity and produces “high-purity hydrogen” with about 30% less capital than conventional electrolysis, the company says. Hard-to-decarbonize sectors like steelmaking appear to be an early focus for Utility Global. It says its technology can decarbonize steelmaking by 25% by converting “off gases” into hydrogen that can be recirculated into the steel production process. The Series B round was led by existing investor Ara Partners, a private equity firm focused on decarbonization, and strategic investors including venture capital arms of Aramco, Samsung of South Korea, and French industrial player Saint-Gobain.

Topics:
Hydrogen, Emerging Technologies, Corporate Strategy , Equity and Debt Markets
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