Monolith Corporation, a clean hydrogen energy plant, announced in July that it had received a new line of investment from several firms, including BlackRock and NextEra Energy Resources. This recent influx of money is central to Monolith’s Nebraska plant expansion.
Monolith produces essential materials like hydrogen and carbon black through methane pyrolysis. This process involves heating natural gas and separating the methane molecules into hydrogen and carbon atoms.
This includes anything from carbon-free ammonia to rubber for tires. With a new line of financing, this upcoming expansion will grow Monolith’s extensive international reputation in the clean energy sector.
The combined investment from Decarbonization Partners, which Blackrock is a part of with TPG Rise and other investors, totals just over $300 million. This investment coincides with a $1 billion loan guarantee granted to the company by the Department of Energy to expand their Hallam, Nebraska plant. When Consensus reached out regarding the new investment, Monolith shared they were “very positive” about the future. This money will go into making more innovations in clean hydrogen and carbon black, and employment is expected to skyrocket with the plant expansion. This project will create over 1,000 jobs, with 260 jobs directly with Monolith and 600 indirect jobs. Monolith is part of a coalition of energy companies and investment firms striving to reach global decarbonization by 2050, a task that has proved to be difficult. However, the feeling at Monolith is bold steps have been taken to achieve this goal.
Monolith has worked with several companies, from electric-vehicle battery manufacturers to tire companies. They have partnered with tire manufacturers Michelin and Goodyear to provide sustainably-made carbon black for rubber. Goodyear and Michelin have been clear about their decarbonization goals, leading to Monolith’s interest in working with them, the company told Consensus. Up to 30% of tires are made with carbon black, so it makes sense for Monolith to partner with brand-name tire companies. Monolith also entered into a joint venture with SK Inc., a member of Decarbonization Partners, to explore the possibilities of providing clean hydrogen and carbon black to South Korea. This global effort is recognized as a tangible transformative step on the coalition’s path to reaching their decarbonization goal.
With the U.S. steadily switching to cleaner energy sources, Monolith’s investment and loan guarantee from the D.O.E. shows a sign of commitment from the federal government to fund sustainable energy companies, especially those who have made it their mission to combat greenhouse gas emissions. This will set a standard for financing other clean energy startups to get the ball rolling on clean energy development and infrastructure. As of now, Monolith is solely focused on the operations of its current facility and is in the final phases of preparing its expansion facility. More investment could be on the horizon as more clean-energy projects come into the fold.
