Monolith granted conditional approval for $1bn loan

Lincoln, Nebraska – US-based clean technology hydrogen and carbon black manufacturer Monolith has received a conditional approval for a $1.04 billion (€92 million) loan from the US Department of Energy (DOE). 

In a 23 Dec 2021 statement, the manufacturer said its process technology had met DOE's “stringent eligibility requirements” for the loan programme which is designed to help scale up clean energy technologies.

Monolith said it intended to use the loan to expand its existing production facilities in Hallam, Nebraska.

Once completed, the Olive Creek plant is expected to be the largest carbon black production facility in the US, producing an estimated 194 kilotonnes per annum. 

Founded in 2012, Monolith has developed a methane pyrolysis technology that uses renewable energy to convert natural gas into clean hydrogen and carbon black. 

The process is claimed to prevent an estimated 2.3 tonnes of CO2 from being released for every tonne of carbon black produced. 

According to Monolith, leading tire manufacturers including Goodyear and Michelin have expressed their support for the DOE's conditional approval and Monolith's technology.

"We are excited to work with Monolith to reduce our carbon footprint and further our use of alternative materials as we continue to deliver industry-leading products," said Richard Kramer, chairman, CEO and president of Goodyear.