Monolith Materials Receives Investments from SK Inc. and NextEra Energy Resources
LINCOLN, Neb., June 3, 2021 /PRNewswire/ -- Monolith Materials, Inc., a leader in green hydrogen production, today announced 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.
Monolith Materials receives new support for its innovative commercial-scale, green hydrogen manufacturing technology.
"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."
Through an innovative and proprietary breakthrough in commercial-scale methane pyrolysis, Monolith manufactures clean, economically sustainable hydrogen using 100% renewable energy. Monolith's hydrogen is classified as green hydrogen, which is the cleanest hydrogen available today. 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 mke 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. "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."
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, Nebraska. 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.
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