SK confirms $25mn investment in hydrogen developer Monolith

South Korean gas company SK E&S confirmed on July 18 it was set to invest $250mn in US turquoise hydrogen developer Monolith.

The subsidiary of SK Group said the investment would enable it to expand its hydrogen production portfolio and would create synergies with its existing hydrogen business. SK formed a joint venture with Monolith in October last year in South Korea.

"SK E&S aims to optimise the hydrogen business portfolio by applying its blue and green hydrogen business capabilities to turquoise hydrogen," SK E&S said.

SK took part in a funding round held by Monolith, which managed to raise $300mn in total. The funding round was led by private equity firms TPG and BlackRock, and Singapore's state-owned investment golding Temasek.