Molten Industries, an Oakland, CA-based company that converts natural gas into clean graphite and hydrogen, raised $25M in Series A funding.
The round was led by Breakthrough Energy Ventures (BEV), with new participation from Sozo Ventures, Mark Heising, and Steelhead Capital. Existing investors also participated in the round, including Union Square Ventures, 50 Years, J4 Ventures, Moai Capital, UVC Partners, Jane Woodward, and Peter Attia.
The company intends to use the funds to build its first modular commercial reactor in Oakland and become a producer of graphite for lithium-ion batteries and clean hydrogen to decarbonize the chemical and steel industries.
Founded in 2021 by Dr. Caleb Boyd and Dr. Kevin Bush, members of the Breakthrough Energy Fellows program, Molten Industries develops methane pyrolysis technology to decarbonize the world’s heavy industries. Its process cracks methane at blazing hot temperatures into hydrogen and graphite using renewable electricity. It creates no carbon dioxide, instead producing hydrogen gas and graphite that can be used in batteries. Its methane is responsibly procured from certified low-emissions sources and waste streams such as dairy farms, waste-water treatment plants, and landfills. This leads to hydrogen and carbon that are carbon-neutral or carbon-negative.
Molten is currently looking to site its first commercial plant to produce 5,000 tonnes of hydrogen and 15,000 tonnes of graphite per year, which will consist of roughly 20 modular commercial reactors, at a chemical or steel plant.
FinSMEs
20/06/2024