The leader in clean hydrogen has signed a memorandum of understanding with SK Inc., the strategic investment arm for South Korea's third-largest conglomerate
Lincoln, NE /PRNewswire/ - Monolith, a leader in clean hydrogen and materials production, today announced it has signed a memorandum of understanding (MOU) with SK Inc. to pursue a joint venture for producing clean hydrogen and carbon black products in South Korea. Monolith currently produces clean hydrogen and carbon black in Hallam, Nebraska, with plans for additional U.S.-based growth already underway.
As part of the MOU, Monolith will share its production and technology knowledge with SK Inc. to produce hydrogen and solid carbon products in South Korea. SK Inc. will oversee the production, sales and distribution of these products in that market. Monolith and SK Inc.'s work together first began in the summer of 2021 following SK Inc.'s investment in the clean hydrogen production leader.
"Monolith believes that for a global challenge like decarbonization, global collaboration is needed," said Monolith CEO Rob Hanson. "We're eager to continue our collaboration with SK Inc. to ensure cleanly-produced hydrogen and carbon products are available around the world."
"Climate change is requiring markets around the world to dramatically transform their energy systems and, in a broader sense, their value chain as a whole to reduce adverse impact on the environment," said Moohwan Kim, executive vice president, SK Inc. "SK Inc. plans to collaborate with Monolith to expand its technologies globally and support our goal of creating new models for clean energy."
Monolith, which was founded in 2012, developed a process technology that uses 100% renewable energy to convert natural gas into clean hydrogen and a solid carbon material called carbon black, a critical raw material in the automotive and industrial sectors. The company is currently operating its first commercial-scale production facility in Hallam, Nebraska. Along with clean hydrogen and carbon black, the company announced in late 2020 its plans to produce clean ammonia at a second phase production facility in Nebraska.
Monolith is a next–generation chemical and hydrogen company that uses 100% renewable electricity as part of a proprietary process to convert conventional and renewable natural gas to carbon black and hydrogen in an environmentally advantaged manner. Monolith is backed by Azimuth Capital Management, Cornell Capital LLC, Imperative Ventures, Warburg Pincus, Mitsubishi Heavy Industries America, SK Inc. and NextEra Energy Resources Inc. For more information on Monolith, visit www.monolith-corp.com.
Based in Seoul, South Korea, SK Group is a collection of diverse multi-national manufacturing and service companies united under a holding company structure that share a common SK Brand and Corporate Culture. SK Group companies are global leaders in semiconductors, telecommunications, energy and life sciences. Across its companies, SK is committed to building environmentally sustainable businesses that help reduce global greenhouse gas emissions and increase the use of renewable energy. SK Group is a founding member of the Value Balancing Alliance, and SK Group companies were the first Korean businesses to join the Climate Group's RE100, a group of global companies committed to moving toward 100 percent renewable energy. SK companies combined have $106 billion in annual global revenue and more than 100,000 employees worldwide. For more information on SK, visit http://www.sk.com/.