Toby Z. Rice Personally Leads Strategic Investment Round in Orbital Biocarbon to Scale Critical Utility Infrastructure

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12/10/2025 - 10:00 AM

The strategic investment accelerates Orbital’s deployment of cleaner, more reliable, and lower-cost sludge-disposal services for wastewater utilities

PITTSBURGH--(BUSINESS WIRE)-- Orbital Biocarbon (“Orbital”), an operator-led infrastructure company building sewage-sludge disposal facilities serving wastewater utilities, announced today the closing of a strategic investment round that includes a personal investment from Toby Z. Rice, a champion of industry.

As a strategic long-term shareholder, Toby Z. Rice brings the perspective of an operator who has built large-scale energy and waste-to-value infrastructure platforms, underscoring the significance of this milestone.

Amid tightening regulations, aging infrastructure, and shrinking disposal capacity, sludge-disposal costs and risks continue to rise for wastewater utilities. Orbital’s infrastructure model is uniquely positioned to deliver what utilities need most: cleaner, more reliable, and lower-cost disposal that gives utilities long-term stability and frees them to focus their efforts and capital on core services.

“We’ve been intentional about building Orbital as a sludge-disposal platform for utilities,” said John Day, president and co-founder of Orbital Biocarbon. “Toby’s success in growing critical infrastructure makes him an ideal strategic shareholder to help us take our company forward.”

“I back operators who take on hard problems and deliver lower costs with better environmental results,” said Toby Z. Rice. “Orbital is turning one of the toughest waste problems in the utility space into critical infrastructure and essential services. I’m excited to see them deploying their facility in the Pittsburgh region, which is an important step in changing how this system works across America.”

About Toby Z. Rice

Toby Z. Rice is the president and CEO of EQT Corporation (NYSE: EQT), the largest integrated natural gas producer in the United States, and a founding partner of the Rice Investment Group (RIG), a multi-strategy energy, technology, and infrastructure investment fund backed by the Rice family. He co-founded Rice Energy, which grew from a start-up into a publicly traded exploration and production company before its $8.2 billion sale to EQT in 2017. Through RIG, the Rice team has sponsored multiple public transactions, including the creation of Archaea Energy—later acquired by BP for approximately $4 billion. He is widely recognized for his focus on building essential, long-term infrastructure that is innovative, reliable, and cost-effective—the same principles that underpin Orbital Biocarbon’s work to provide clean, reliable, and low-cost sludge-disposal services for wastewater utilities.

(Note: Toby Z. Rice’s participation is in his personal capacity and does not represent an investment, sponsorship, or endorsement by EQT Corporation, Rice Investment Group, or their affiliates. Any reference to his titles is for identification only, and he will not be involved in the day-to-day management of Orbital.)

About Orbital Biocarbon

Orbital Biocarbon develops, finances, owns, and operates regional sludge-disposal facilities that provide contracted sewage-sludge disposal capacity for wastewater utilities and their haulers. Each facility uses proven thermal technology in a standardized, modular design that enables 24/7 operations, processing of diverse sludge types, and scalable capacity tailored to local needs. By delivering dependable, long-term infrastructure beyond landfills and incineration, Orbital helps utilities stabilize disposal costs, reduce risk, and provide more cost-effective service for their communities.

Learn more at www.orbitalbiocarbon.com