Monolith Materials, based in Lincoln, Nebraska, operates a proprietary plasma pyrolysis process that electrifies production of carbon black and hydrogen using clean energy. Its existing facility (OC1) produces low-emission carbon black that goes into tires across North America and is also used in plastics, inks, and paints. The company plans to produce clean hydrogen at its expansion facility (OC2); that hydrogen will be converted to ammonia and is expected to be supplied as fertilizer to farmers in America’s Corn Belt. Led by CEO Rob Hanson, Monolith positions itself as a cleantech supplier targeting decarbonization of industrial inputs. The company received additional funding of an undisclosed amount to support commercial growth and the expansion of operations. Named backers include Azimuth V Energy Evolution Fund, Azimuth Capital Management’s Development Company Platform, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus. Monolith develops and manufactures clean hydrogen, carbon black and ammonia via a proprietary commercial-scale methane pyrolysis process. Led by co-founder and CEO Rob Hanson, the company was founded in 2012 and is headquartered in Lincoln, Neb., with its first commercial-scale production facility in Hallam, Neb., and offices and R&D facilities in Lincoln, San Carlos, Denver and Kansas City. Monolith was the first U.S. manufacturer to produce clean hydrogen using methane pyrolysis at scale. The company raised more than $300 million in its latest funding round led by TPG Rise Climate and co-led by Decarbonization Partners, with participation from NextEra Energy Resources, SK, Mitsubishi Heavy Industries America and Azimuth Capital Management. Proceeds will be applied toward further technological development, next-generation product capabilities, corporate-level expansion and continued development of a deep backlog of clean hydrogen, ammonia and carbon projects with industry partners. Its newest production facility, Olive Creek 2, is expected to be completed in 2026.

Total raised

$300M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2022