Lincoln, Neb. — Monolith Materials' "green hydrogen" development received another round of investments June 3 with interest from a consortium spearheaded by Seoul, South Korea-based SK Inc., along with NextEra Energy Resources LLC and Perry Creek Capital.
Already a part of Monolith's portfolio are Warburg Pincus, a New York-based firm with expertise in the energy and infrastructure markets; Azimuth Capital Management, based in Calgary, Alberta, with a focus on energy transition investment; Cornell Capital L.L.C., founded by the former vice chairman of Goldman Sachs' Merchant Banking division; and Imperative Ventures.
Azimuth, Cornell and Warburg also upped their own investments June 3.
Previously, Mitsubishi's Heavy Industrial Division signed on with Monolith, demonstrating interest in green hydrogen in October 2020.
As technology accelerates toward a decarbonized world, Monolith has taken a forward-looking role with its cleaner carbon black production and resulting green hydrogen and clean ammonia.
Monolith is the first U.S. company to manufacture "green hydrogen" on a commercial scale using its proprietary methane pyrolysis process, which uses 100-percent renewable energy.
"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, co- founder 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 said it will partner with SK on expanding global markets while working with NextEra Energy Resources on extending its North American footprint.
"Monolith Materials' proprietary green hydrogen production process supports SK's initiative to lead the global transition to a hydrogen economy and make meaningful progress toward a more sustainable energy system," said Moo-hwan Kim, executive vice president of SK Inc. "SK recognizes the critical role hydrogen plays in alternative energy sources, and we are encouraged by Monolith's technology that advances clean hydrogen production."
Monolith Materials, which was founded in 2012, is in the beginning stages of its first commercial-scale production facility in Hallam, Neb., known as Olive Creek Phase I.
Along with producing green hydrogen, the company said its plans to produce clean ammonia at a second phase production facility nearby, known as OCII.
When its expansion is complete 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).
Typical production runs for carbon black are between 120,000 tons and 160,000 tons per year, and it is projected that Monolith will produce about 194,000 tons of carbon black between OCI (14,000 tons) and OCII (180,000 tons) once production reaches its full output in 2024.
At full production, Monolith estimates OCII will produce 275,000 tons of green ammonia per year.
"Investing in Monolith Materials is an opportunity for NextEra Energy Resources to advance clean energy generation efforts while reducing emissions," said John Ketchum, president and CEO of NextEra Energy Resources. "Our investment in Monolith's clean hydrogen production aligns well with our strategy to lead the industry in its transition to a cleaner, more sustainable future."