Turquoise hydrogen firm raises $300mn finance

Developer Monolith has obtained finance from a range of investors as it looks to expand the company and invest in R&D

Turquoise hydrogen developer Monolith has raised more than $300mn in a funding round. The bulk of the investment came from asset managers TPG, Blackrock and Temaset, with investment funds Nextera Energy Resources, SK, Azimuth Capital Management and manufacturer Mitsubishi Heavy Industries America also contributing. Monolith claims to be the first US manufacturer to use methane pyrolysis at scale to produce what is often referred to as turquoise hydrogen. Methane pyrolysis directly splits methane into hydrogen and solid carbon, also known as carbon black. Carbon black is a raw material that can be used in the automotive and industrial sectors, principally in tyre manufacturing. “We are