Decarbonization Leader Monolith Raises $300 Million

Monolith, an innovator in global decarbonization, has raised more than $300 million in its latest investment round, which was led by TPG Rise Climate and Decarbonization Partners, a partnership between BlackRock and Temasek.

NextEra Energy Resources, SK, Mitsubishi Heavy Industries America, and Azimuth Capital Management provided additional funding. The existing investor group, including Azimuth Capital Management, Cornell Capital, and Warburg Pincus, will retain its majority ownership stake in the company.

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The 10-year-old Nebraska-based company garnered attention when it became the first U.S. manufacturer to produce clean hydrogen using a proprietary innovation in commercial scale methane pyrolysis, which splits conventional natural gas into its components, hydrogen and carbon, with zero greenhouse gas emissions. Monolith’s breakthrough, which uses 100% carbon-free energy, perfected the process and inspired letters of intention with such companies as SK and The Goodyear Tire & Rubber Company.

It has continued to attract interest from high-profile clean-energy investors. Recently, the Department of Energy Loan Programs Office provided conditional approval for a $1 billion loan to be used to expand production facilities.

"Global decarbonization by 2050 will require bold steps and transformational partnerships, which we believe we've found in working with TPG Rise Climate and Decarbonization Partners," Monolith Co-Founder and CEO Rob Hanson said in a statement. "We're eager to continue Monolith's growth trajectory to support a high energy, low emissions future."

The investment will fund new technology and corporate expansion while continuing the development of clean hydrogen, ammonia, and carbon projects with industry partners.

"Our investment in Monolith reflects TPG Rise Climate's pursuit of companies developing clean molecules and materials, providing sustainable, cost-competitive alternatives to carbon and hydrogen-based products," said Jonathan Garfinkel, Partner at TPG and senior member of its climate investing team.