Monolith Materials Receives Investments from SK Inc. and NextEra Energy ResourcesJune 3, 2021
Lincoln, Nebraska, USA
Support for the clean hydrogen manufacturer continues to grow as its technology accelerates progress toward a decarbonized global energy system
Monolith Materials, Inc., a leader in green hydrogen production, today announced it has received new investments from a consortium of investors led by SK Inc. and includes NextEra Energy Resources, LLC and Perry Creek Capital. This round also included additional investment from current Monolith funders Azimuth Capital Management, Cornell Capital and Warburg Pincus. These investments are the latest in a series of recent growth announcements for Monolith as it garners additional support for its innovative commercial-scale, clean hydrogen manufacturing technology. Monolith Materials is the first U.S. manufacturer to produce an industrytransforming hydrogen known as “green hydrogen” on a commercial scale using its proprietary methane pyrolysis process.
“When evaluating potential investors, it was critical that we work alongside organizations that share Monolith Materials’ vision for a decarbonized world that includes green hydrogen,” said Rob Hanson, cofounder and CEO of Monolith Materials. “SK and NextEra Energy Resources are global clean energy leaders that share our enthusiasm about the promise of green hydrogen, and we are honored to have them by our side in our pursuit of a clean energy future.”
Through an innovative and proprietary breakthrough in commercial-scale methane pyrolysis, Monolith manufactures clean, economically sustainable hydrogen using 100% renewable energy. Monolith’s hydrogen is classified as green hydrogen, which is the cleanest hydrogen available today. Monolith Materials plans to collaborate with SK on expanding global markets while also working with NextEra Energy Resources on North America growth opportunities.
“Monolith Materials’ proprietary green hydrogen production process supports SK’s initiative to lead the global transition to a hydrogen economy and make meaningful progress toward a more sustainable energy system,” said Moo-hwan Kim, executive vice president of SK Inc. “SK recognizes the critical role hydrogen plays in alternative energy sources, and we are encouraged by Monolith’s technology that advances clean hydrogen production.”
“Investing in Monolith Materials is an opportunity for NextEra Energy Resources to advance clean energy generation efforts while reducing emissions,” said John Ketchum, president and chief executive officer, NextEra Energy Resources. “Our investment in Monolith’s clean hydrogen production aligns well with our strategy to lead the industry in its transition to a cleaner, more sustainable future.”
Monolith Materials, which was founded in 2012, developed a process technology that uses renewable energy to convert natural gas into clean hydrogen and a solid carbon material called carbon black, a critical raw material in the automotive and industrial sectors. The company is currently in the operating stage of its first commercial-scale production facility in Hallam, Nebraska. Along with producing green hydrogen, the company recently announced its plans to produce clean ammonia at a second phase production facility nearby.
When its expansion is complete, expected to occur in 2024, Monolith Materials’ production of green hydrogen, clean ammonia and carbon black is expected to reduce greenhouse gas emissions by as much as 1 million metric tons per year compared to traditional manufacturing processes.
About Monolith Materials
Monolith Materials is a next-generation green hydrogen and clean materials company that uses renewable electricity as part of a proprietary process to convert conventional and renewable natural gas to green hydrogen and carbon black in an environmentally advantaged manner. Monolith is backed by Azimuth Capital Management, Cornell Capital LLC, Imperative Ventures, Warburg Pincus, Mitsubishi Heavy Industries America, SK Inc., NextEra Energy Resources, LLC. and Perry Creek Capital. For more information on Monolith Materials visit www.monolithmaterials.com.
Based in Seoul, South Korea, SK Group is a collection of diverse multi-national manufacturing and service companies united under a holding company structure that share a common SK Brand and Corporate Culture. SK strives to build the industries that drive future financial and social prosperity. Ranked by Fortune among the world’s 100 largest businesses, SK Group companies are global leaders in semiconductors, telecommunications, energy and life sciences. SK hynix is the world’s second-largest maker of memory chips, SK Innovation is Korea’s largest energy firm and a global leader in EV battery technology, and SK Telecom is Korea’s largest mobile communications provider and the first provider in the world to have 5G subscribers. SK Inc. is the investment holding company of SK. Across its companies, SK is committed to building environmentally sustainable businesses that help reduce global greenhouse gas emissions and increase the use of renewable energy. SK Group is a founding member of the Value Balancing Alliance, and SK Group companies were the first Korean businesses to join the Climate Group’s RE100, a group of global companies committed to moving toward 100% renewable energy. SK companies combined have $119 billion in annual global revenue and more than 100,000 employees worldwide. SK is investing more than $10 billion in expanding its U.S. businesses with operations or partnerships in hydrogen energy and fuel cells, EV battery manufacturing and technology, energy storage solutions, pharmaceutical manufacturing and development, advanced semiconductor materials, and new mobility solutions. SK companies have sites in more than 10 states from California to New York. For more information on SK, visit http://www.sk.com/.
About NextEra Energy Resources
NextEra Energy Resources, LLC is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 23,900 megawatts of total net generating capacity, primarily in 38 states and Canada as of year-end 2020. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun based on 2020 megawatt hours produced on a net generation basis, and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire and Wisconsin as part of the NextEra Energy nuclear fleet. NextEra Energy Resources is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. For more information, visit www.NextEraEnergyResources.com.