Utility Global, a clean hydrogen technology company, is working with Tudor, Pickering, & Holt on a Series C capital raise, according to a source familiar with the matter.
The Houston-based company is seeking to raise around $100m in funding, the source said.
Representatives of Utility Global and TPH did not respond to requests for comment. TPH is the energy arm of Perella Weinberg.
Utility Global’s H2Gen product, aimed at industrial emitters, can convert waste gas and steam into hydrogen. Its AM2H2 product converts ammonia into high-purity, fuel-cell-grade hydrogen.
The H2Gen product, which the company says is ready to scale and commercialize, is aimed at the steelmaking industry, where the produced hydrogen is used as a reductant in blast furnaces or as a low carbon fuel source for direct reduced iron plants.
As of May, the company had raised $48.2m in the equity round, and was looking for $128m in total new funding, according to an SEC filing.
The company completed a $25m Series B funding round in 2022 with backing from Saudi Aramco and Ara Partners.
