Lincoln, Nebraska – US clean hydrogen and carbon black manufacturer Monolith Materials has completed a new round of fund-raising to progress an ongoing expansion project at its facility in Hallam, Nebraska.
In a statement 3 June, Monolith said a consortium of investors, led by South Korea’s SK Inc. and including NextEra Energy Resources, LLC and Perry Creek Capital had joined its current funders – without providing further financial details.
According to Monolith, the funds will go towards the second phase of an expansion at the Hallam facility, which also includes the construction of a clean ammonia production unit.
The company started the production of 'green' carbon black at the 500,000-sq.-ft. facility in autumn last year, and mainly supplies to the tire industry.
Set for completion in 2024, phase two 'will increase carbon black yield from 14 kilotonnes per annum (ktpa) to 120-160 ktpa.'
The project, Monolith said, is expected to reduce greenhouse gas emissions by 1 million tonnes per year, compared to traditional manufacturing processes for hydrogen, ammonia and carbon black.
Monolith plans to collaborate with SK on expanding global markets while also working with other investor NextEra Energy Resources on North America growth opportunities.