Temasek Capital Flows into Green Hydrogen Producer Company Monolith
Posted on 07/15/2022
Monolith LLC, a Lincoln, Nebraska-based “green hydrogen” producer has raised more than US$ 300 million in minority equity funding co-led by TPG Rise Climate (TPG Capital) and Decarbonization Partners. Decarbonization Partners is a joint venture company between BlackRock Inc. and Singapore’s Temasek Holdings. Other investors in the round include NextEra Energy Resources, SK Inc., Mitsubishi Heavy Industries America, and insider Azimuth Capital Management. Monolith continues to be majority owned by an investor group of Azimuth, Warburg Pincus, and Cornell Capital. Monolith was founded in 2012 and currently operates its first commercial-scale production facility in Hallam, Nebraska, and has offices and R&D facilities in Lincoln, San Carlos, California, Denver, Colorado, and Kansas City, Kan. Its newest production facility, Olive Creek 2, is expected to be completed in 2026. The company was originally known as Monolith Materials, Inc.
Advisors
J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC acted as placement agents.
Recent green hydrogen deals include Amazon.com, Inc. investing in Germany’s Sunfire and Amazon investing in a US$ 198 million Series B round for California-based Electric Hydrogen.
Terra CO2
Terra CO2 is a Golden, Colorado-based developer of a low-carbon alternative for cement production. Terra CO2 raised a US$ 46 million Series A funding. Breakthrough Energy Ventures and LENx co-led, and were joined by Creative Ventures and Rio Tinto.
Based in Seoul, South Korea, SK Group is a collection of diverse multi-national manufacturing and service companies united under a holding company structure.
Keywords: Cascade Investment.
