Monolith is offered a $1 billion loan for hydrogen project

Monolith has received conditional approval for a $1.04 billion loan guarantee from the US Department of Energy (DoE).

The loan will allow Monolith to expand its clean hydrogen and carbon black production facilities in Hallam, Nebraska, US.

Monolith’s innovative methane pyrolysis process creates cost-effective clean hydrogen. Among other end users, Monolith also expects to use much of the clean hydrogen to produce cleanly made ammonia that will be distributed in the US Corn belt.

Once completed, Monolith’s expanded Olive Creek plant is expected to be the US’s largest carbon black production facility with production capacity of around 194,000 tonnes/year. The construction of this innovative facility is expected to be performed by Kiewit.

Leading tire manufacturers, including Goodyear and Michelin, expressed their support for conditional approval and Monolith’s technology.

Monolith, which was founded in 2012, developed a process technology that uses 100% renewable energy to convert natural gas into clean hydrogen and carbon black. It is currently operating its first commercial-scale production facility in Hallam, Nebraska.

Rob Hanson, CEO, Monolith, said, “Monolith was founded with the belief that private sector companies could develop the innovation needed to help lead the clean energy transition, while also creating high-paying green jobs and strengthening our nation’s supply chain.”

Secretary Jennifer Granholm from the Department of Energy added, “The Title XVII Innovative Energy Loan Guarantee Program’s purpose is to recognise and support technology that reduces emissions and supports a clean energy future.”

Richard Kramer, chairman of the Goodyear Tire & Rubber Company, commented, “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.”

Alexis Garcin, chairman of Michelin North America, Inc., noted, “Partnering with organisations like Monolith, with the support of the Department of Energy, is the latest example of how we at Michelin intend to further accelerate toward our goal of a 100% sustainable tire by 2050 for a better life in motion.”

John Ketchum, CEO of NextEra Energy Resources, explained, “Monolith’s clean hydrogen production process is powered by locally-produced renewable electricity and represents a significant advancement to support cost-effective decarbonisation of multiple sectors of the US economy.”

Rick Lanoha, president and CEO of Kiewit Corporation, said, “We’re excited to bring our engineering, procurement and construction experience and skilled people to the Olive Creek plant expansion project”