TPG Leads $300 Million Funding for Hydrogen Startup Monolith (1)

Hydrogen startup Monolith, whose unusual conversion process yields both the clean-burning fuel and a type of carbon used in tires, has raised more than $300 million in its latest funding round, as investors pile into the fast-growing sector.

TPG Rise Climate led the round, along with Decarbonization Partners, a partnership of BlackRock Inc. and Temasek Holdings Pte Ltd. Other investors included NextEra Energy Resources, Korean industrial conglomerate SK Inc., Mitsubishi Heavy Industries and Azimuth Capital Management.

Lincoln, Nebraska-based Monolith specializes in “turquoise hydrogen,” a process that involves heating natural gas in the absence of oxygen. The gas splits ...