Monolith Materials, a leader in clean hydrogen and carbon black, announced a closed funding round from existing investors, including Azimuth V Energy Evolution Fund and Azimuth Capital Management’s Development Company Platform, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus.
This is the latest round following Monolith’s capital raise in July 2022 and conditional approval for a loan from the Department of Energy Loan Programs Office to expand its production facilities in Nebraska.
Monolith utilizes clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies carbon black and hydrogen production. And the carbon black produced from Monolith’s low-emission process is an essential input for tires, plastics, inks, paints and other uses.
The carbon black that Monolith produces at its existing facility (OC1) goes into tires across North America. The clean hydrogen to be produced at Monolith’s expansion facility (OC2) will be converted to ammonia and is expected to be supplied as fertilizer to farmers in America’s Corn Belt to help feed and fuel the world.
KEY QUOTES:
“It is an exciting time for Monolith, and we are incredibly proud of the work we are doing to scale the business supported by world-class investors.”
-Rob Hanson, co-founder and CEO of Monolith
“This funding continues our decade-long partnership with Monolith as the company builds a high energy, low emissions future. The company’s proprietary approach to producing sustainable hydrogen, carbon black, and ammonia is critical to decarbonizing the energy and materials sectors.”
-Roy Ben-Dor, Managing Director and Head of Energy Transition & Sustainability, Warburg Pincus
“The Monolith team continues to move at pace in tackling emissions from some of the most widely used, yet most difficult to decarbonize materials. Since our initial investment in 2022, we’ve seen strong demand from top brands in Monolith’s end markets and we look forward to continuing that momentum with our latest investment.”
-Jonathan Garfinkel, a Managing Partner of TPG Rise Climate
“Rob and the team at Monolith continue to successfully navigate the road toward launching their expansion, which will significantly scale their operations and put more clean tires on the road. We look forward to continuing to support the company.”
-Dr. Meghan Sharp, Global Head of Decarbonization Partners
