South Korean investor backs US hydrogen production
A South Korean investment firm said June 3 it was now a lead investor in Monolith Materials, which is working to expand a commercial-scale hydrogen production in the US.
Investment firm SK Inc. said it was in the lead after the latest round of funding for Monolith Materials, though it did not disclose the size of its financial commitment. This will support an expansion of Monolith's Olive Creek 1 hydrogen production facility in Nebraska and "further SK's strategy to make carbon-neutral energy accessible to global markets as part of a commitment to ESG management practices,” the South Korean company said.
Monolith produces so-called turquoise hydrogen on a commercial scale at Olive Creek 1. Hydrogen is designated as turquoise when it is produced from natural gas using methane pyrolysis. A by-product of the process is solid carbon, a very valuable raw material in the automotive and industrial sectors. Monolith uses 100% renewable energy to power the process.
Olive Creek 1's expansion is expected to take place in 2024, SK said.
"SK recognises the critical role hydrogen plays in alternative energy sources, and we are encouraged by Monolith's technology that advances clean hydrogen production,” Moo-hwan Kim, executive vice president of SK Inc, said.