Clean technology developer and junior ammonia producer Monolith, Lincoln, Neb., on July 14 announced its latest investment round of more than $300 million. The investment was led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, with Decarbonization Partners, a partnership between BlackRock and Temasek, as co-leads.
Additional investment was also received from NextEra Energy Resources, SK, Mitsubishi Heavy Industries America, and Azimuth Capital Management. The existing investor group, including Azimuth Capital Management, Cornell Capital, and Warburg Pincus, will retain their majority ownership stake in the company.
In addition, Monolith recently received conditional approval for a more than $1 billion loan from the U.S. Department of Energy Loan Programs Office to expand its production facilities in Nebraska (GM Jan. 28, p. 1). However, the DOE loan is yet to close and is subject to satisfaction of final conditions.
Monolith is planning to produce 275,000 mt/y of ammonia at Olive Creek 2, (OC2), a $1 billion complex. Ammonia production would be integrated with a new 180,000 mt/y carbon black production facility. Monolith expects to sell its ammonia into the Cornbelt and the carbon black to tire manufacturers. The Goodyear Tire & Rubber Co. and Michelin North America have already stepped up. OC2 completion is eyed for 2026.
Monolith’s Olive Creek 1 plant is already producing carbon black and hydrogen in smaller quantities at its Hallam, Neb., site.
“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,” said Rob Hanson, Co-Founder and CEO, of Monolith. “We’re eager to continue Monolith’s growth trajectory to support a high energy, low emissions future.”
Monolith said it cleanly produces essential materials including hydrogen, carbon black, and ammonia by utilizing a proprietary breakthrough in commercial-scale methane pyrolysis, adding that it was the first U.S. manufacturer to produce clean hydrogen using methane pyrolysis at scale.
This latest round of funding will be applied toward further technological development that will offer next generation product capabilities and other corporate-level expansion. It will also enable Monolith’s continued development of a deep backlog of clean hydrogen, ammonia, and carbon projects with industry leading partners.