Turquoise hydrogen developer Monolith raises over $300mn in funding round

US turquoise hydrogen developer Monolith announced on July 14 it had raised more than $300mn in its latest funding round, which it will use to invest in further technological development and an expansion of its operations.

The company, which secured $1bn from the US department of energy in December last year to expand its production facilities in Nebraska, said the funding round was led by private equity firms TPG and BlackRock, and Singapore's state-owned investment golding Temasek.

Additional funds were received from NextEra Energy Resources, SK, Mitsubishi Heavy Industries America and Azimuth Capital Management. Existing investors, including Azimuth Capital Management, Cornell Capital and Warburg Pincus, will retain their majority control of the company.

“Global decarbonisation by 2050 will require bold steps and transformational partnerships, which we believe we’ve found in working with TPG Rise Climate and Decarbonisation Partners,” said Rob Hanson, co-founder and CEO, of Monolith. “We’re eager to continue Monolith’s growth trajectory to support a high energy, low emissions future.”