Subject: VEN
Monolith Materials Receives Investment from Mitsubishi Heavy Industries (MHI) to Support Clean Hydrogen Production
LINCOLN, Neb., Nov. 29, 2020 /PRNewswire/ -- Monolith Materials, Inc., a leader in clean hydrogen and chemical production, today announced it has received an investment from Mitsubishi Heavy Industries America, Inc. to support its innovative commercial-scale, emissions-free hydrogen manufacturing technology. The announcement is the latest in a series of recent strategic investments made by MHI in support of achieving a decarbonized world. Monolith Materials is the first U.S. manufacturer to produce a clean, industry-transforming hydrogen known as "turquoise hydrogen" on a commercial scale.
"Successfully scaling Monolith's technology to serve a global marketplace will benefit from the kind of investment that we have from MHI," said Rob Hanson, co-founder and CEO of Monolith Materials. "This relationship will be a model for evaluating future investment opportunities to make emissions-free hydrogen the standard around the world."
Hydrogen, with its applications in transportation, manufacturing, energy storage and power generation, is often viewed as key to a cleaner energy future. However, the prevailing production process is not sustainable due to high CO2 emissions. The Center for Climate and Energy Solutions states hydrogen production generates 830 million metric tons of CO2 annually, equivalent to the output of the entire country of Germany.
Through an innovative and proprietary breakthrough in commercial-scale methane pyrolysis, Monolith is now manufacturing emissions-free, economically sustainable hydrogen using 100% renewable energy. Monolith's hydrogen is classified as "turquoise hydrogen," which meets the industry standard for the cleanest hydrogen available today.
"By solving the century-old problem of scaling methane pyrolysis to a commercial level, Monolith Materials has emerged as a leader in the manufacture of emissions-free hydrogen," said Yoshihiro Shiraiwa, President and CEO, Mitsubishi Heavy Industries America. "While we're evaluating a number of clean-energy development options, Monolith offers great promise. We're excited to be the first in a new wave of strategic investors supporting the development of their technology."
Monolith Materials, which was founded in 2012, developed a process technology that converts natural gas into clean hydrogen and a solid carbon material called carbon black, a critical raw material in the automotive and industrial sectors. The company is currently in the operating stage of Olive Creek 1 (OC1), its first commercial-scale emissions-free production facility designed to produce approximately 14,000 metric tons of carbon black annually along with clean hydrogen. In addition to producing carbon black and clean hydrogen, the company recently announced its plans to produce emissions-free ammonia at a second phase production facility known as Olive Creek 2 (OC2) in Hallam, Nebraska.
Combined, Monolith Materials' production of hydrogen, emissions-free ammonia and carbon black are expected to reduce greenhouse gas emissions by as much as 1 million metric tons per year compared to traditional manufacturing processes.
About Monolith Materials
Monolith Materials is a next?generation chemical and hydrogen company that uses renewable electricity as part of a proprietary process to convert conventional and renewable natural gas to carbon black and hydrogen in an environmentally advantaged manner. Monolith is backed by Azimuth Capital Management, Cornell Capital LLC, Imperative Ventures and Warburg Pincus. For more information on Monolith Materials visit www.monolithmaterials.com.
About Mitsubishi Heavy Industries (MHI)
Mitsubishi Heavy Industries (MHI) is one of the world's largest industrial groups headquartered in Japan, providing advanced engineering, technologies and integrated systems for customers across land, sea, sky and space for over 130 years. MHI has advanced and integrated solutions across the energy landscape, ranging from advanced-class gas turbines to investment in and manufacturing of renewable energy infrastructure. For more information on MHI visit www.mhi.com
SOURCE Monolith Materials
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