New Monolith funding round nets over $300m 

Lincoln, Nebraska - Monolith has secured more than $300 million in its latest investment round of funding, the US-based ‘clean’ carbon black maker has announced. 

This investment will support R&D towards providing “next generation” hydrogen, ammonia and carbon capabilities and other corporate-level expansion projects.

The funding initiative was led by TPG Rise Climate’s ‘climate investing platform’ TPG Rise and Decarbonization Partners, a partnership between BlackRock and Temasek.

The company previously secured investment from NextEra Energy Resources, SK, Mitsubishi Heavy Industries America and Azimuth Capital Management. 

Monolith produces hydrogen and carbon black via a proprietary breakthrough in commercial-scale methane pyrolysis.

Monolith, founded in 2012, currently operates its first commercial-scale production facility in Hallam, Nebraska, while another US facility is expected to be completed in 2026.

Monolith started the production of 'green' carbon black at its 500,000-sq.-ft. facility in Hallam in autumn last year, and mainly supplies to the tire industry.

The company is currently carrying out an expansion project at the site to increase carbon black yield from 14 kilotonnes per annum (ktpa) to 120-160 ktpa by 2024.

The Nebraska company claims to be the first US manufacturer to produce clean hydrogen using methane pyrolysis at scale. 

This innovation, it noted, has led SK Inc. to sign a memorandum of understanding last October with Monolith to produce clean hydrogen and carbon black in South Korea. 

The technology has also attracted a collaboration agreement and letter of intent with Goodyear Tire & Rubber Co. in late 2021, Monolith pointed out.

"Monolith has established itself as a technology leader in methane pyrolysis, providing sustainable and low-cost hydrogen and carbon black from natural gas," said Dr. Meghan Sharp, global head of Decarbonization Partners.

"We see significant opportunity for the company to continue scaling its technology, enabling the decarbonisation of a broad range of important end markets," added Sharp.

Monolith has also recently received conditional approval for a $1 billion loan from a US ‘energy loan’ agency to expand its production facilities in Nebraska.