Participated · Series C · Sep 2024

Utility Global is an industrial decarbonization company that has created H2Gen®, a proprietary process that converts water and industrial off-gases into economically viable clean hydrogen while generating a capture-ready, high-purity CO₂ stream without using electricity. The solution is designed for direct integration into existing assets in sectors such as steel, refining, petrochemicals, chemicals, low-carbon fuels, and upstream oil and gas. By leveraging waste gases, the technology provides a cost-competitive alternative to conventional fossil-based processes and supports scalable carbon capture, utilization, or storage (CCUS). The company positions itself as a practical provider of repeatable, near-term decarbonization projects and has recently announced partnerships with Kyocera, Symbio North America Corporation, the city of Seongnam, Maas Energy Works, and ArcelorMittal. Proceeds from its latest capital raise will fund expanded manufacturing capacity, bolster project-execution teams, and advance multiple commercial deployments across North and South America, Europe, and Asia. Ara Partners has been Utility Global’s majority shareholder since its initial investment in 2021 and continues to support the company’s transition from proven technology to full global commercialization.

Led · Equity · Feb 2024

Vertown is a startup focused on waste-management solutions. The company attracted corporate venture capital interest in Brazil. In the reported transaction it received an R$7 million investment from ArcelorMittal and Irani S.A. The funding was described in the context of a heated start to the year for CVC activity in Brazil. The article does not provide operating metrics, valuation, or detailed product roadmaps. No information about past funding rounds or founding year is included in the article.

Led · Equity · Jul 2023

CHAR Technologies is an Ontario, Canada–based company developing high-temperature pyrolysis (HTP) technology that converts organic waste streams into hydrogen-rich syngas and biocarbon. Its outputs include a high-calorific syngas usable as a natural gas replacement or for green hydrogen production, and biocarbon that can serve as biochar, pollutant filter, or a fossil-coal replacement. CHAR’s biocarbon has been tested and validated by ArcelorMittal Dofasco since 2021 and is reported to enable an approximate 91% reduction in greenhouse gas emissions compared to metallurgical coal. The company operates a facility in Thorold, Ontario, and has signed a memorandum of understanding with ArcelorMittal Dofasco for biocarbon purchases to enable larger-scale trials. CHAR is traded under YES:TSXV and CTRNF:OTC. The company is positioned to scale industrial trials through its partnership with ArcelorMittal and the support of the XCarb programme.

Led · Series C · Jan 2023

Boston Metal develops molten oxide electrolysis (MOE) technology that runs electric current through ore dissolved in a molten electrolyte to separate metals at high temperature. The company has applied MOE to steel production—completing the largest run of its pilot industrial cell in Woburn, Massachusetts in early 2025, producing about a ton of steel—and is shifting focus toward higher-value critical metals like niobium, tantalum, tin, vanadium, nickel, and chromium. Its Brazilian subsidiary is building a commercial-scale plant to process low-grade material into a mixture of critical metals, but the facility suffered a refractory-system issue in January that caused an electrolyte leak, delayed startup, and led to operational and financing setbacks. Boston Metal repaired and restructured operations, laid off 71 employees, and now expects the Brazil plant to be ready to start up in September 2026. The company has raised over $500 million in total and secured a $75 million financing round to support the Brazil facility’s operation and other critical-metals projects. It is also discussing future deployments, including a potential U.S. plant to produce chromium.

Participated · Series E · Oct 2022

Form Energy develops iron-air long-duration batteries capable of delivering up to 100 hours of discharge. Its chemistry relies on iron oxidation and reduction, enabling lower-cost storage by avoiding higher-priced minerals like lithium, cobalt, and nickel. The company has secured large commercial customers including Google, Crusoe, Xcel Energy, and FuturEnergy Ireland and reports a commercial project backlog of about 80 gigawatt-hours. About 80% of the company’s materials supply is sourced from the U.S., with the remainder from Europe and Asia. Form is expanding manufacturing capacity in West Virginia following its recent financing. The company’s positioning and technology aim to address growing demand for long-duration storage as U.S. electricity demand rises and renewable generation expands.