[Funding news] NE-based Monolith Materials Secures Additional Funding

Monolith Materials, Inc. (Monolith), a global leader in clean hydrogen and carbon black, today announced a closed funding round from existing investors, including Azimuth V Energy Evolution Fund and Azimuth Capital Management’s Development Company Platform, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus.

This is the latest round following Monolith’s capital raise in July 2022 and conditional approval for a loan from the Department of Energy Loan Programs Office to expand its production facilities in Nebraska.

Rob Hanson, co-founder and CEO of Monolith said, “It is an exciting time for Monolith, and we are incredibly proud of the work we are doing to scale the business supported by world-class investors,”.

Monolith uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies carbon black and hydrogen production. The carbon black produced from Monolith’s low-emission process is an essential input for tires, plastics, inks, paints and other uses.

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The carbon black that Monolith produces at its existing facility (OC1) goes into tires across North America. The clean hydrogen to be produced at Monolith’s expansion facility (OC2) will be converted to ammonia and is expected to be supplied as fertilizer to farmers in America’s Corn Belt to help feed and fuel the world.

Roy Ben-Dor, Managing Director and Head of Energy Transition & Sustainability, Warburg Pincus said, “This funding continues our decade-long partnership with Monolith as the company builds a high energy, low emissions future, The company’s proprietary approach to producing sustainable hydrogen, carbon black, and ammonia is critical to decarbonizing the energy and materials sectors.”

Jonathan Garfinkel, a Managing Partner of TPG Rise Climate said, “The Monolith team continues to move at pace in tackling emissions from some of the most widely used, yet most difficult to decarbonize materials. Since our initial investment in 2022, we’ve seen strong demand from top brands in Monolith’s end markets and we look forward to continuing that momentum with our latest investment,”.

About Monolith

Monolith is a next-generation cleantech company that uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies the production of carbon black and hydrogen, which provides environmental advantages over conventional production processes. Monolith is backed by Azimuth Capital Management, Cornell Capital, Decarbonization Partners, Elda River Capital Management, LLC, Imperative Ventures, Mitsubishi Heavy Industries America, NextEra Energy Resources, LLC, Perry Creek Capital LP, SK Inc., TPG Rise Climate and Warburg Pincus.