APG Asset Management, one of the world’s largest pension investors on behalf of Dutch pension funds has contributed to a $100mn first close of Utility Global’s Series D financing, supporting the company’s efforts to scale clean hydrogen solutions for industrial decarbonisation.
The funding aims to accelerate global deployment of Utility’s proprietary H2Gen technology, which converts water into clean hydrogen and high-purity CO₂ streams using industrial off-gases, without electricity. The technology is designed to integrate directly into existing industrial infrastructure across steel, refining, petrochemicals, chemicals, low-carbon fuels, and upstream oil and gas.
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APG has invested alongside Ara Partners, a private markets firm focused on decarbonising the industrial economy. The firm has been a majority investor since 2021 and continues to support Utility’s growth. “APG’s commitment highlights the value of solutions that reduce emissions while competing with conventional industrial processes on cost and reliability,” said Cory Steffek, Ara Partners board chair.
“This financing, with APG’s backing, enables Utility to scale global deployments that deliver practical, economic industrial decarbonization today,” said Parker Meeks, CEO and president of Utility Global.
The capital will expand manufacturing capabilities, strengthen project delivery teams, and advance commercial projects across the Americas, Europe, and Asia, including partnerships with Kyocera, Symbio North America, Seongnam Municipal Government, Maas Energy Works, and ArcelorMittal.
