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Monolith, a global pioneer in clean hydrogen, carbon black, and ammonia, revealed that it has raised more than $300 million in its current financing round.
The investment, led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, and co-led by Decarbonization Partners, a partnership between BlackRock and Temasek, represents the latest milestone in the company’s global decarbonization initiatives. NextEra Energy Resources, SK, Mitsubishi Heavy Industries America, and Azimuth Capital Management also contributed capital. Existing investors, notably Azimuth Capital Management, Cornell Capital, and Warburg Pincus, will retain the bulk of the company’s ownership interest.
“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.”
This most recent round of funding will be used for further technological development that will provide capabilities for products of the next generation and other corporate expansion. In addition, it will allow Monolith to continue developing a substantial backlog of clean hydrogen, ammonia, and carbon projects with industry-leading 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. “Following a decade of research and development, Monolith has developed expansive intellectual property, deployed the methane pyrolysis process in innovative ways, and established itself as a unique solution for an industry that is otherwise incredibly emissions intensive. We look forward to partnering with Monolith to further develop and scale its technology.”
“Producing sustainable hydrogen and carbon black is crucial to decarbonizing the energy and materials industry. We are pleased to support Monolith’s growth and continued expansion,” said Dr. Meghan Sharp, Global Head of Decarbonization Partners. “Monolith has established itself as a technology leader in methane pyrolysis, providing sustainable and low-cost hydrogen and carbon black from natural gas. We see significant opportunity for the company to continue scaling its technology, enabling the decarbonization of a broad range of important end markets.”
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