Monolith Materials, a Lincoln, NE-based company which specializes in clean hydrogen and carbon black, received an undisclosed amount in additional funding.
Backers included Azimuth V Energy Evolution Fund and Azimuth Capital Management’s Development Company Platform, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus.
The company intends to use the funds to support its commercial growth and expand operations.
Led by CEO Rob Hanson, Monolith is a cleantech company that uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies the production of carbon black and hydrogen, which enables environmental advantages over conventional production processes. The carbon black produced from Monolith’s low-emission process is an essential input for tires, plastics, inks, paints and other uses. Today, 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.
FinSMEs
07/10/2024