Clean hydrogen firm Monolith scores over $300m

The existing investor group, including Azimuth Capital Management, Cornell Capital and Warburg Pincus will retain their majority ownership stake in Monolith
J.P. Morgan Securities LLC and Goldman Sachs acted as placement agents
Monolith was founded in 2012

Lincoln, Nebraska-based Monolith, a next‐generation clean hydrogen and materials company, has raised more than $300 million. TPG Rise Climate and Decarbonization Partners were the lead investors.

Other investors were NextEra Energy Resources, SK, Mitsubishi Heavy Industries America and Azimuth Capital Management. The existing investor group, including Azimuth Capital Management, Cornell Capital and Warburg Pincus will retain their majority ownership stake in Monolith.

J.P. Morgan Securities LLC and Goldman Sachs acted as placement agents.

“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, in a statement. “We’re eager to continue Monolith’s growth trajectory to support a high energy, low emissions future.”

This latest round of funding will be applied toward further technological development that will offer next generation product capabilities and other corporate-level expansion. It will also enable Monolith’s continued development of a deep backlog of clean hydrogen, ammonia and carbon projects with industry leading partners.

Monolith was founded in 2012.

TPG Rise Climate is the climate investing strategy of TPG’s global impact investing platform TPG Rise while Decarbonization Partners is a partnership between BlackRock and Temasek.