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# Monolith announces additional funding from investor consortium

Publication Date: 27.09.2024, 12:00

The latest financing round aims to bolster Monolith's expansion and commercial growth in clean hydrogen and carbon black production.

Monolith Materials, Inc., a pioneer in clean hydrogen and carbon black production, announced this week that it has secured additional funding from a consortium of investors. The group includes Azimuth V Energy Evolution Fund, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus, building on a previous capital raise in July 2022 and a conditional approval for a Department of Energy loan.

Rob Hanson, co-founder and CEO of Monolith, expressed enthusiasm about the company’s progress, highlighting the support from “world-class investors” in scaling up operations. Monolith employs a proprietary plasma pyrolysis process powered by clean energy, which significantly reduces emissions in the production of carbon black and hydrogen.

The carbon black produced at Monolith’s Nebraska facility is utilized in various products, including tires, plastics, and paints, servicing markets across North America. The company’s expansion efforts include increasing clean hydrogen production, which will be converted to ammonia and supplied as fertilizer within the U.S. Corn Belt, playing a pivotal role in sustainable agriculture.