Monolith Materials Receives Investments from SK Inc. and NextEra Energy Resources
Monolith Materials, Inc. (www.monolithmaterials.com), a leader in green hydrogen production, announced in June that it has received new investments from a consortium of investors led by SK Inc. and includes NextEra Energy Resources, LLC and Perry Creek Capital. This round also included additional investment from current Monolith funders Azimuth Capital Management, Cornell Capital and Warburg Pincus. These investments are the latest in a series of recent growth announcements for Monolith as it garners additional support for its innovative commercial-scale, clean hydrogen manufacturing technology. Monolith Materials is the first U.S. manufacturer to produce an industry-transforming hydrogen known as “green hydrogen” on a commercial scale using its proprietary methane pyrolysis process.
“When evaluating potential investors, it was critical that we work alongside organizations that share Monolith Materials’ vision for a decarbonized world that includes green hydrogen,” said Rob Hanson, cofounder and CEO of Monolith Materials. “SK and NextEra Energy Resources are global clean energy leaders that share our enthusiasm about the promise of green hydrogen, and we are honored to have them by our side in our pursuit of a clean energy future.”
Monolith Materials, which was founded in 2012, developed a process technology that uses renewable energy to convert natural gas into clean hydrogen and a solid carbon material called carbon black, a critical raw material in the automotive and industrial sectors. The company is currently in the operating stage of its first commercial-scale production facility in Hallam, NE. Along with producing green hydrogen, the company recently announced its plans to produce clean ammonia at a second phase production facility nearby.
When its expansion is complete, expected to occur in 2024, Monolith Materials’ production of green hydrogen, clean ammonia, and carbon black is expected to reduce greenhouse gas emissions by as much as 1 million metric tons per year compared to traditional manufacturing processes. To learn more, visit www.monolithmaterials.com.