Monolith Materials
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Monolith Announces Additional Funding from Investor Consortium
Monolith Materials, Inc. (Monolith), a global 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 uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies carbon black and hydrogen production. The carbon black produced from Monolith’s low-emission process is an essential input for tires, plastics, inks, paints and other uses. Currently, 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.