Chemical and energy company Monolith is set to expand its clean hydrogen and carbon black production facilities in Nebraska, US as it looks to prevent millions of tonnes of greenhouse gas emissions annually.
Confirming its plans on Thursday (Dec 23), Monolith said it has received conditional approval for a $1bn loan from the US Department of Energy (DOE) to carry out the major works.
The first loan from the DOE Loan Programs Office in five years validates Monolith’s pyrolysis technology for the commercial market.
As a strategic investor in Monolith, SK Group will also support the company. The DOE loan is also exciting for SK’s commitment to developing alternative energy sources and continues positive momentum for its hydrogen strategy.
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