Lincoln, Nebraska-based Monolith Materials won new investments from a consortium of investors led by SK Inc. and includes NextEra Energy Resources, LLC and Perry Creek Capital.
These investments are the latest in a series of recent growth announcements for Monolith as it garners additional support for its commercial-scale hydrogen manufacturing technology.
Monolith Materials produces hydrogen on a commercial scale using its proprietary methane pyrolysis process.
Monolith Materials plans to collaborate with SK on expanding global markets while also working with NextEra Energy Resources on North America growth opportunities.
"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."
"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 chief executive officer, NextEra Energy Resources.
Monolith Materials, which was founded in 2012, developed a process technology that uses renewable energy to convert natural gas into 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, Nebraska. Along with producing green hydrogen, the company recently announced its plans to produce ammonia at a second phase production facility nearby.
When its expansion is complete, expected to occur in 2024, Monolith Materials' production of hydrogen, 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.
This round also included additional investment from current Monolith funders Azimuth Capital Management, Cornell Capital and Warburg Pincus.
