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Saudi Arabia’s Aramco Ventures has increased its investment in the Houston-based off-gas-to-value company Utility Global, which raised $53 million in an ongoing Series C funding round.
Financial details have not been disclosed for the latest round, which was led by Canada’s OPG Pension Plan and joined by multinational steel company, ArcelorMittal, via its XCarb Innovation Fund, alongside current investors Ara Partners and Aramco Ventures.
This investment is part of Utility Global’s current growth equity funding round, with the proceeds used to further accelerate commercialisation for the company’s patented eXERO technology that helps with reducing greenhouse gas emissions.
The firm first drew investment from the venture capital arm of Saudi oil giant Aramco in late 2022 during a Series B that raised $25 million at the time.
The latest funding is coupled with a collaboration agreement between ArcelorMittal and Utility Global to develop a commercial facility at one or more of the former’s integrated steel plants.
(Writing by Bindu Rai, editing by Brinda Darasha)
