Lincoln, Nebraska-based clean energy company Monolith LLC closed a $300 million round led by TPG Rise Climate and Decarbonization Partners. The recent round is likely the largest single investment in a Nebraska startup to date. Decarbonization Partners is a joint venture between BlackRock and Singapore’s Temasek holdings.
The other companies participating in the round include NextEra Energy Resources, SK Inc., Mitsubishi Heavy Industries America, and insider Azimuth Capital Management. The green hydrogen company, which has a plant near Hallam, joins other cleantech companies Xpansiv and Electric Hydrogen, in raising ample funding in the past few weeks.
“Global decarbonization by 2050 will require bold steps and transformational partnerships, which we believe we’ve found in working with TPG Rise Climate and Decarbonization Partners,” said Rob Hanson, co-founder and CEO of Monolith. “We’re eager to continue Monolith’s growth trajectory to support a high energy, low emissions future to meet clean energy demands.”
Initially known as Monolith Materials, Inc., Monolith was founded in 2012 and had its first commercial-scale clean energy production facility in Hallam, where the company produces carbon-free hydrogen at an affordable price to meet the high-energy needs of a changing world.
The company holds proprietary technology in producing turquoise hydrogen through methane pyrolysis. Besides, it has offices and R&D facilities in different parts of USA. Its latest production facility, Olive Creek 2, is expected to be completed in 2026.
Monolith has become the leader in producing carbon-free hydrogen
Currently pitted as the world’s dream fuel, hydrogen is made using several methods. The most common methods deployed currently are natural gas reforming and electrolysis. However, the cost of production of hydrogen fuel is high, as a result of which its adaption is slow.
“Producing sustainable hydrogen and carbon black is crucial to decarbonizing the energy and materials industry. We are pleased to support Monolith’s growth and continued expansion,” said Dr. Meghan Sharp, Global Head of Decarbonization Partners.
Meanwhile, many companies involved in producing low-cost hydrogen to meet clean energy demands at the industrial level are developing their patented processes to drive energy transition towards the use of sustainable fuel. In December 2021, it was Monolith that received conditional approval for a $1 billion loan from the U.S. Department of Energy to expand its hydrogen production facilities in Hallam, Nebraska, using its patented method.
Monolith has made it work on a commercial scale, cracking the code on cost-effective, Clean Hydrogen. The company uses 100 percent carbon-free energy in a proprietary process called methane pyrolysis. Using 100 percent renewable electricity, methane pyrolysis breaks down abundant natural gas into pure hydrogen and carbon – with no release of CO2. Soon the company will be using renewable natural gas as the feedstock, making their process more sustainable.
“Monolith has established itself as a technology leader in methane pyrolysis, providing sustainable and low-cost hydrogen and carbon black from natural gas. We see significant opportunity for the company to continue scaling its technology, enabling the decarbonization of a broad range of important end markets,” added Dr. Sharp.